Millennials will control roughly a third of the world’s ultra-wealthy population by 2040, according to a new projection from research firm Altrata. Currently, this generation represents just 8% of the 510,810 ultra-high-net-worth individuals globally. The massive shift reveals how tech wealth and inheritance patterns reshape global finance over the next 15 years.
🔥 Quick Facts
Millennials and Gen Z will jump from 8% to 35% of ultra-wealthy by 2040
Baby Boomers will drop from 45% to 17% of the ultra-wealthy population
The $124 trillion Great Wealth Transfer accelerates generational shift
Tech wealth and entrepreneurship drive millennial ultra-wealthy growth
Understanding the Generational Wealth Shift
The Altrata World Ultra Wealth Report 2025, released in September, paints a striking picture. Generation X, millennials, and Gen Z will combine to control 80% of ultra-wealthy wealth by 2040. Baby boomers dominated this space for decades, but demographic change and wealth transfer patterns flip the power dynamic entirely. The ultra-wealthy population currently totals $59.8 trillion in net worth, equivalent to twice the annual gross domestic product of the United States.
Millennials born between 1981 and 1996 benefit from both inherited wealth and self-made fortunes. Tech entrepreneurs dominate this generation’s ultra-wealthy ranks. Unlike previous generations who built wealth through manufacturing and finance, millennials accumulated fortunes through venture capital, startups, and digital innovation. This shift changes not only who controls wealth but how that wealth gets deployed.
Why This Matters for Investment Strategy
Generation
Current Share
2040 Projection
Baby Boomers
45%
17%
Gen X
20%
28%
Millennials & Gen Z
8%
35%
The 21-percentage-point increase for millennials and Gen Z signals a fundamental reordering of wealth management priorities. Wealth advisors and luxury brands must adapt to different values. Younger ultra-wealthy prioritize sustainability and environmental, social, and governance (ESG) investments over traditional approaches. Impact investing and socially conscious portfolios appeal more to tech-made fortunes than to inherited wealth from earlier generations.
Financial institutions also need to reconsider how they engage with this demographic shift. Millennials brought up in the digital age expect seamless technology integration in wealth management. Traditional banking relationships matter less when clients can execute complex investment strategies through digital platforms.
The Great Wealth Transfer Amplifies the Shift
An estimated $124 trillion will transfer from baby boomers to younger generations between now and 2040. UBS estimates that billionaires alone will transfer about $6.9 trillion by 2040, with at least $5.9 trillion directed toward younger heirs. This intergenerational transfer happens alongside younger entrepreneurs accumulating their own fortunes, creating a compounding effect.
Altrata forecasts the global ultra-wealthy population will reach 676,970 individuals by 2030, up 31% from the middle of 2025. Within a decade, that number will grow even further as wealth accumulation accelerates. The timing matters because inherited wealth pools with self-made fortunes, allowing younger ultra-wealthy to wield unprecedented capital in reshaping markets and industries.
Regional Growth Patterns Show Uneven Development
Not all regions experience identical wealth concentration shifts. Asia drives much of the millennial ultra-wealthy growth, particularly through technology hubs in China, India, and Southeast Asia. North America continues leading overall ultra-wealthy numbers, but Asian youth accumulate wealth at faster rates. Europe maintains stability while facing older demographic profiles that slow growth in younger ultra-wealthy ranks.
The geographic distribution reveals important trends for luxury markets and financial services. Wealth concentration in Asia means investment opportunities flow eastward. Younger ultra-wealthy in emerging markets often have different risk tolerances and return expectations than Western counterparts with inherited generational wealth.
How Does This Reshape Business and Markets?
The millennial takeover of ultra-wealthy ranks will fundamentally reshape capital allocation. Technology, renewable energy, and consumer goods companies led by young founders attract capital from peers who understand startup ecosystems intimately. Traditional manufacturing, retail, and financial services face pressure as younger wealthy steer capital toward innovation-driven sectors.
Corporate boards and investment committees will see generational turnover. Decision-making speed may accelerate as younger ultra-wealthy embrace tech-enabled processes and move faster than legacy institutions. This creates both opportunities and risks for established businesses that must prove agility to this emerging leadership class.
“By 2040, Gen X and Next Gen will control 80% of UHNW wealth, shifting client expectations toward ESG and impact investing.”
— Altrata, Ultra Wealth Research Firm
Sources
Altrata – World Ultra Wealth Report 2025 released September 2025 with detailed generational projections
CNBC – October 2025 analysis of ultra-wealthy displacement trends and demographic shifts
Business Insider – October 2025 coverage of $60 trillion investment portfolio insights across generational groups
Patrick Graham is a business and finance journalist translating Wall Street’s complexities into stories that matter to everyday readers. With extensive experience in financial journalism and economic analysis, this expert journalist provides sharp insights on market trends, corporate developments, and the economic forces affecting daily life. His reporting helps readers make sense of the business world’s biggest moves.