The Hill - Millionaire boomers less likely to share their wealth: Study

by Liz Jassin - 12/14/24 8:19 AM ET

-45% of wealthy Boomers intend to enjoy their fortunes while alive

-Far more wealthy Millenials plan to share their fortunes before death

-Schwab encouraging families to discuss planning around goals

Millionaires Millennials and Gen X are more than twice as likely as baby boomers to prioritize sharing their wealth with the next generation, according to a new study from financial services company Charles Schwab.

Data revealed that baby boomers, born from 1946 to 1964, plan to spend most of their wealth rather than reserve it for future generations.



The survey analyzed 1,000 high net worth Americans, those with more than $1 million in investable assets. It revealed that younger wealthy Americans plan to break from tradition and transfer their wealth rather than waiting until after death.

The report also found that boomers intend to pass on approximately $3.1 million, compared to the average wealthy individual, who plans to pass around $4.1 million. Meanwhile, wealthy Millennials plan to pass on about $4.7 million in assets.

“It’s encouraging to see that a majority of wealthy Americans who plan to pass their wealth have started to formalize those plans and documents and communicate with their families,” said Susan Hirshman, director of wealth management for Schwab Wealth Advisory and Schwab Center for Financial Research.

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