05.15.23

The Greatest Wealth Transfer in History Is Here, With Familiar (Rich) Winners

by: Talmon Joseph Smith

Of the $84 trillion projected to be passed down from older Americans to millennial and Gen X heirs through 2045, $16 trillion will be transferred within the next decade. Among the noteworthy trends of the "great" wealth transfer are the demographics involved. Integration, immigration and entrepreneurial business efforts have made it so that more than one million U.S. high-net-worth investors are now Black, Asian, Hispanic or Latin in origin, according to UBS. Melinda Hightower, a managing director at UBS Wealth Management, is “borderline millennial” and is helping prepare the financial sphere for what many call “the changing face of wealth,” while, as a Black woman, being part of that transition.

Read the full article on New York Times