An IMGW News Report
Securing young clients is essential for the future success of private banks and wealth managers
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Wealth Transfer and Emerging Self-Made Wealth
Between 2021 and 2045, nearly $85 trillion in wealth is expected to be transferred from older generations to their heirs, according to Cerulli Associates. Heirs of high-net-worth individuals—those with at least $1 million in liquid assets – are already receiving over $500 billion annually, a figure projected to reach $1 trillion annually within a decade. Additionally, the number of self-made millionaires is growing rapidly, including those who have founded companies, earned large corporate bonuses, or secured lucrative sports or music contracts. This presents a significant opportunity for private banks and wealth management firms.
