The report, which leverages Altrata's Wealth-X data, focuses on generational wealth transfer of individuals with a net worth of $5 million or more. Those worth more than $100 million will account for nearly half of the $31 trillion being passed down. Collectively, these individuals and their beneficiaries are expected to shape the future of philanthropy, legacy planning and the family office landscape.
Among the numerous findings, Altrata's Family Wealth Transfer 2024 reveals:
- 87% of the people who will transfer their wealth are very high net worth (VHNW) individuals: those with a net worth between $5 and $30 million
- Gen X will be the first in line to inherit the fortunes of their wealthy parents, in contrast to Millennials and Gen Z who will be receiving inheritance from their grandparents
- The data shows a shift in philanthropic preferences: beneficiaries have a stronger interest in environmental and healthcare causes - and a higher level of engagement with philanthropy in general - in contrast to those who will be passing on their wealth
- Corporate executives will comprise more than 70% of all ultra wealthy individuals who will be passing on their wealth over the next 10 years; 20% will be entrepreneurs and just 7% will be sole inheritors, individuals who are ultra wealthy solely on account of inheriting substantial wealth
- Wealthy individuals in North America and Europe will account for 71% of global wealth transfers; just a fifth of wealth transfers will be in Asia
Wealth transfers are increasingly taking place during the lifetime of the head of a family rather than solely upon their death, driven by practical reasons like tax planning and the desire to prepare heirs for future financial stewardship. This shift, coupled with rising global wealth and younger generations' differing values, underpins the need for families to align on succession plans early. It also reveals new opportunities for organizations that advise, prospect for, and engage with the wealthy.
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About Altrata
Altrata is a global leader in people intelligence providing insight on individuals who can have the most impact on their clients' success. Altrata's advanced solutions allow deeper insight and access to billions of connections helping clients close more deals, manage risk, and identify top talent quickly. Altrata's global dataset contains millions of individual profiles on the wealthy, senior decision makers, board members, and C-suite leaders. Altrata offers actionable, accurate and comprehensive data maintained by a global team of in-house researchers committed to surfacing the right insight at the right time to drive positive business outcomes.
Altrata is a registered trademark of Delinian Limited and its affiliated companies, and is comprised of five dynamic offerings: BoardEx, Boardroom Insiders, RelSci, WealthEngine, and Wealth-X.
SOURCE Altrata
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