The Great Wealth Shift: How Millennials and Gen Z Are Rewriting the Rules of Riches

The world’s ultra-wealthy population is expanding fast — now reaching over 510,000 individuals with at least $30 million each, according to wealth intelligence firm Altrata. Their collective fortune tops a staggering $59.8 trillion, but the power balance among generations is about to change dramatically.

Currently, baby boomers control nearly half of this wealth, while Millennials and Gen Z account for just 8%. Yet by 2040, the younger generations are projected to make up over one-third of the ultra-rich class, thanks to the ongoing “great wealth transfer.” Generation X will take the lead with nearly 45% of total wealth, while boomers’ share will fall sharply as fortunes pass down through trusts and family offices.

This shift isn’t just financial—it’s cultural. The younger elite are transforming how wealth is made and spent. Around 15% of next-gen millionaires derive their fortunes from hospitality and entertainment, and nearly 9% are rooted in technology—double the rate of boomers. Banking and finance still dominate but hold less sway among younger tycoons.

Their lifestyle priorities differ too: they’re buying assets like real estate and luxury goods rather than focusing on philanthropy. With a median wealth of $44 million (compared to $57 million for boomers), many are still in their acquisition phase—snapping up their first homes, cars, and vacation properties.

For wealth managers, art dealers, and luxury brands, the message is clear: a new generation of ultra-wealthy clients is rising, and their tastes—from eco-friendly supercars to social-media-driven investments—will redefine what it means to be rich in the decades ahead.