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Family Wealth Transfer 2024
Published by: Maeen Shaban
Published on:

Family Wealth Transfer 2024

Published by: Maeen Shaban
Published on:
Trillions of dollars will be passed on over the next decade. Discover the challenges and opportunities in today’s wealth transfer landscape.

Over a quarter of wealthy individuals are expected to pass on their fortunes in the next decade. The values and approaches to wealth transfer among these individuals and their families have significant implications for a wide range of organizations, including family offices and financial services providers, the luxury goods industry and the non-profit and charity sectors.

Altrata’s latest global wealth transfer report – powered by Wealth-X data – examines the growing focus among the wealthy on succession planning and the transition process. Our focus is on the global population of wealthy individuals with a net worth of more than $5 million, with a particular emphasis on those with fortunes in excess of $100 million.

Altrata’s research shows that among individuals with a net worth above $5 million, over 1.2 million people are expected to collectively pass on almost $31 trillion over the next 10 years.

Chart of Wealth Transfer by Region from Altrata's Family Wealth Transfer 2024 report. North America demonstrates the biggest number of individuals with more than a $5 million net worth passing down wealth (597,309 people) as well as the largest amount of wealth to be passed on ($14,104 billion).

This report distills insights from Altrata’s comprehensive data and interviews with four of our sector specialists. We discuss the major themes and generational shifts that will influence the wealth transfer process and donor engagement over the coming years, and provide a fuller understanding of the wealthy individuals who will be passing on their fortunes.

Explore key findings.

  • Some 1.2 million individuals worth more than $5 million are expected to pass on collective wealth of almost $31 trillion over the next 10 years. This sum is greater than the GDP of the US and is more than 10 times the market capitalization of technology giant Microsoft.
  • Generation X will be first in line to inherit from their wealthy parents. Much is often made in the media of millennial and Generation Z inheritors but, in fact, most heirs (excluding partners) are currently in their mid-to-late 40s. Millennials and the younger Gen Z are more likely to receive sums from their grandparents – legacies that will often be less substantial than if they had been inherited from their parents.
  • Family wealth transfer will be influenced by shifting global trends and an increasingly complex geopolitical environment. Some major trends include complex succession planning for increasingly globalized wealthy families (underlining the crucial role of expert advisors), the disparity between the values, experiences, and aspirations of wealth holders (often founders) and their younger benefactors and an increase in wealth being passed on during the lifetime of the head of a family rather than solely upon death, requiring early engagement and preparation.

Uncover more wealth transfer insights

Image of the Family Wealth Transfer Report viewed on an iPad

Maeen Shaban is Director of Research and Analytics at Altrata, and an expert in understanding the wealthy and influential, specifically their populations, growth and trends across the globe. He is a lead author of Altrata’s main thought leadership publications, including the World Ultra Wealth Report, the Billionaire Census and the Global Gender Diversity report. Maeen continues to work on custom analytics projects with clients such as J.P. Morgan, Goldman Sachs, Rolls Royce, L’Oréal and the Bill & Melinda Gates Foundation. He holds a First Class Honours degree in Financial Engineering, has completed CFA Level II and conducted post graduate research on sovereign offshore investment strategies.