The Great Wealth Transfer: What $124 Trillion Moving Means for You
The great wealth transfer explained: how $124 trillion will pass from baby boomers to Gen X, millennials and charity through 2048, why estimates differ, and what heirs, parents and families should do now.
The great wealth transfer is the largest handoff of assets between generations in modern history, and the headline number keeps growing. Cerulli Associates now projects nearly $124 trillion will move between now and 2048, up from an earlier estimate of about $84 trillion. That money will flow mostly from baby boomers to their spouses, children and charities, and it will reshape inheritance planning, investing and the advisory business. This guide explains the great wealth transfer in plain terms: how big it is, who inherits, when it peaks, why another estimate is much lower, what changes for heirs and what to do whether you expect to give or to receive. It focuses on the United States, and every projection is a forecast, not a promise.
Quick Answer: What Is the Great Wealth Transfer?
- Size: nearly $124 trillion through 2048, according to Cerulli Associates, of which about $105 trillion goes to heirs and $18 trillion to charity.
- Source of the money: about 81% comes from baby boomers and older generations.
- Concentration: high- and ultra-high-net-worth households, about 2% of households, account for roughly $62 trillion.
- Who gets it first: about $54 trillion passes between spouses before it reaches children.
- Who inherits next: Gen X is projected to receive $14 trillion over the next 10 years and millennials $46 trillion over 25 years.
- Caution: a separate Visa estimate puts the boomer inheritance reaching Gen X and millennial households at $36 trillion over 20 years.
How Big Is the Great Wealth Transfer? Comparing the Estimates
The numbers differ because researchers measure different things. Money Talks News compares the two most-quoted figures.
| Estimate | Figure | Scope | Source |
|---|---|---|---|
| Cerulli (current) | About $124 trillion total, $105 trillion to heirs | All wealth levels, multiple generations, through 2048 | Money Talks News, Cerulli |
| Cerulli (2022) | $84.4 trillion through 2045 | Earlier projection | Masterworks |
| Visa | $36 trillion | Boomer wealth reaching Gen X and millennial households over 20 years | Money Talks News |
Money Talks News explains the gap. Visa starts with $93 trillion in boomer assets and subtracts liabilities, the top 1%’s wealth, expected retirement spending, taxes, fees and charitable giving. Cerulli counts every level of wealth and includes $54 trillion in spousal transfers that may reach younger heirs later. Visa’s figure works out to about $515,000 per inheriting household, but the article notes many families receive far less and some nothing.
Journey Advisory Group credits the increase from $84 trillion to $124 trillion, or 48%, partly to asset appreciation, citing 27% equity and 39% real estate gains between 2020 and 2023.
Who Is Passing On the Money?
The transfer is lopsided. The 401(k) Specialist report on Cerulli’s research says baby boomers and older generations account for about 81% of the total, close to $100 trillion. High-net-worth and ultra-high-net-worth households, about 2% of households, account for over 50% of total volume. Masterworks, citing the 2022 estimate, said about 1.5% of households classed as high or ultra-high net worth produced about 42% of that earlier total.
Who Inherits? The Generational Breakdown
Journey Advisory Group, analyzing Cerulli’s October 2025 data, gives the split.
| Generation | 25-year inheritance to 2048 | Next 10 years |
|---|---|---|
| Gen X (born 1965 to 1980) | $39 trillion | $14 trillion |
| Millennials (1981 to 1996) | $46 trillion | $8 trillion |
| Gen Z (1997 to 2012) | $15 trillion | Minimal |
| Boomers inheriting from older generations | $6 trillion | About $4 trillion |
| Total | $105 trillion | About $26 trillion |
Cerulli’s press release adds that Gen X households are expected to receive nearly $1.4 trillion on average annually over the next decade. Gen X is the main receiving generation through 2035, while most millennial inheritance arrives in the 2040s, according to Journey Advisory Group.
The Timeline: When Does the Great Wealth Transfer Peak?
| Period | What happens (Journey Advisory Group) |
|---|---|
| 2024 | Roughly $4.2 trillion in annual transfer activity |
| 2026 to 2036 | About 55% of the 25-year total moves |
| 2034 to 2035 | Annual peak near $6.1 trillion |
| After 2036 | Gradual decline as the boomer population shrinks |
| 2040s | Most millennial inheritance arrives |
| 2048 | Annual transfer near $3.5 trillion, about double pre-2020 levels |
The Two-Step Transfer: Spouses First
The great wealth transfer usually happens in two stages. Cerulli’s figures, reported by Estate Guru and the 401(k) Specialist, show $54 trillion passing to spouses first, with nearly $40 trillion going to widowed women of the boomer generation and older. Journey Advisory Group adds that about 28 million widowed women are projected to receive assets through 2048 and that the average gap between a first and second spousal death is 8 to 12 years. In practice, a surviving spouse may control inherited assets for a decade or more before children receive anything, so planning that ignores this stage leaves a gap.
Heirs, Advisors and Loyalty
A major theme of the great wealth transfer is that heirs change advisors. The figures vary by source.
| Statistic | Source |
|---|---|
| More than 70% of heirs change advisors after inheriting from parents | Cerulli (2021), cited by Journey Advisory Group |
| Nearly 70% of widows change advisors after a spouse’s death | Cerulli, cited by Estate Guru |
| 66% of boomers inheriting from a spouse or older plan to switch; 34% plan to keep the advisor | Natixis 2026 survey, cited by Journey Advisory Group |
| 43% of Gen X and 40% of millennials plan to switch | Natixis 2026 survey, cited by Journey Advisory Group |
| 47% of expected inheritors do not plan to keep their benefactor’s advisor | Natixis, cited by Masterworks |
| 89% of top firms surveyed organize family meetings and generational planning for retention | Cerulli, cited by Estate Guru and 401(k) Specialist |
The 401(k) Specialist adds that a Natixis survey found 41% of US advisors see the transfer as an existential threat to their business. These are stated plans, and Masterworks notes that stated plans may not match behavior.
How Younger Heirs Want to Invest
Masterworks, which sells fractional art investments and so has a stake in the conclusion, reports from Bank of America’s 2024 study of investors with at least $3 million in investable assets that 72% of those aged 21 to 43 say stocks and bonds alone can no longer deliver above-average returns, compared with 28% of those aged 44 and older. It also reports that younger investors hold 47% of their portfolios in stocks and bonds, versus 74% for older investors, and 17% in alternatives, versus 5%. Journey Advisory Group repeats the Bank of America finding that nearly three-quarters of wealthy investors under 43 doubt a traditional portfolio can generate above-average returns.
What the Great Wealth Transfer Means for You
| If you are… | Consider |
|---|---|
| An heir expecting money | Learn the basics of estates, trusts and taxes before the inheritance arrives, and plan for timing, because Gen X heirs are often 10 to 15 years from retirement (Journey Advisory Group) |
| A parent or grandparent | Talk with spouses and children early; Estate Guru recommends involving both spouses and holding family planning sessions |
| A widow or widower | Review who manages money and which advisor relationship you want to keep |
| A business owner | Make the succession plan part of the estate plan |
| A financial professional | Build relationships with the whole family, not only the account holder |
Journey Advisory Group also notes that Gen Z transfers will often come through skip-generation trusts or grandparent bequests, which require generation-skipping transfer planning.
How Advisors Are Adapting to the Great Wealth Transfer
Estate Guru, which sells estate planning software to advisors, describes how professionals are adjusting by group. For baby boomers, advisors should extend relationships to the wider family. the Gen X, whose inheritance arrives sooner, the focus is strategic value. For millennials, service needs to be clear, digital-first and built on trust. the widowed women, many of whom take over household finances for the first time, planning, charitable giving and long-term advisor relationships may carry more weight. Cerulli’s press release also notes that Gen X median net worth fell 38% between 2007 and 2010, from $63,000 to $39,000, which helps explain why that generation values the inheritance that is now approaching. About $18 trillion, or 15% of the total, is projected to go to charity rather than heirs, according to Journey Advisory Group’s summary of Cerulli.
Planning Steps Before the Money Moves
- Map the assets, including accounts, property, business interests and digital assets.
- Update the documents: wills, trusts, powers of attorney and beneficiary designations.
- Plan for the surviving spouse as well as the children.
- Have the conversations about values and expectations while everyone is healthy.
- Coordinate taxes and trusts with an estate planning attorney and tax adviser.
- Build a team that serves the family, not only one person.
- Review every few years, since laws and family circumstances change.
Data Problems to Know About
Several articles on this topic come from firms with something to sell, and two contain errors worth noting.
| Source issue | Detail |
|---|---|
| Journey Advisory Group | Marketing material from an advisory firm; one passage says over 95% of spousal transfers flow to women, but its own table shows about 74% |
| Estate Guru | Promotes its estate planning software; its August 2026 post still described a January 2026 federal exemption drop as upcoming, so ignore its exemption figures |
| Masterworks | Sells art investments; its $84 trillion figure is the older estimate |
| Natixis, Bank of America | Survey results reflect stated plans only |
When you read other articles on the great wealth transfer, check which Cerulli report the number comes from and whether it covers heirs only or includes charity and spouses.
Frequently Asked Questions
How much is the great wealth transfer?
Cerulli projects nearly $124 trillion through 2048, with about $105 trillion going to heirs and $18 trillion to charity.
Why do estimates range from $36 trillion to $124 trillion?
Visa measures boomer wealth reaching Gen X and millennial households over 20 years after deductions, while Cerulli counts all wealth levels, all generations and spousal transfers through 2048.
Who will inherit the most?
Gen X receives the most in the next decade, at about $14 trillion, while millennials receive the most over 25 years, at about $46 trillion.
When will the great wealth transfer peak?
Journey Advisory Group projects an annual peak near $6.1 trillion in 2034 to 2035.
Will everyone inherit?
No. Wealth is concentrated: about 2% of households account for roughly $62 trillion, and the Visa estimate notes many families receive far less than the average or nothing.
What should I do to prepare?
Update your estate documents, talk with family, plan for the surviving spouse and work with qualified advisers.
This text is a general overview, not financial, tax or legal advice. Wealth transfer projections are forecasts that rest on assumptions and differ by source, so consult qualified professionals before making decisions about your own estate.
Sources
- Cerulli Associates, “Generation X Represents the Most Immediate Opportunity for Wealth Managers” (June 30, 2025) – https://www.cerulli.com/press-releases/generation-x-represents-the-most-immediate-opportunity-for-wealth-managers
- Money Talks News, Kendall Blythe, “The Great Wealth Transfer Is Underway. Is It $105 Trillion or ‘Only’ $36 Trillion?” (July 21, 2026) – https://www.moneytalksnews.com/the-great-wealth-transfer-is-underway-is-it-trillion-or-only-trillion/
- Journey Advisory Group, Adam Lisowsky, CFP, “Great Wealth Transfer Statistics: The 2026 Report” (May 3, 2026) – https://www.journeyadvisory.group/blog/great-wealth-transfer-statistics-the-2026-report
- 401(k) Specialist, “Great Wealth Transfer: Strategies for Financial Advisors” (December 5, 2024, updated July 11, 2025) – https://401kspecialistmag.com/how-advisors-can-prepare-for-the-124t-wealth-transfer/
- Masterworks, “The Great Wealth Transfer: 84 Trillion Dollars and the Next Generation” – https://www.masterworks.com/academy/posts/the-great-wealth-transfer-84-trillion-dollars-and-the-next-generation
- Estate Guru, “The $124 trillion ‘great’ wealth transfer is here” (August 13, 2026) – https://www.estateguru.com/blog/the-124-trillion-great-wealth-transfer
