$124 Trillion Up for Grabs—Who Gets Left Out?

Young woman using an ATM in an urban environment

For nearly 70% of millennials, the dream of homeownership or retirement hinges on a single, uncertain event: being left an inheritance.

Story Snapshot

Two-thirds of millennials say inheritance is critical to their financial future.
The “Great Wealth Transfer” will move $124 trillion from boomers to younger generations by 2048.
Most millennials expect to inherit, but only about a quarter expect to receive it soon.
Estate planning gaps and family communication issues threaten to undermine these expectations.
The transfer could reshape housing markets, retirement, and wealth inequality.

The Inheritance Imperative

Millennials are entering adulthood with a new financial reality: their ability to buy a home or retire depends on receiving an inheritance. Recent surveys show that 69% of millennials consider inheritance “critical” or “highly critical” to their long-term financial security. This reliance is not just anecdotal; it reflects a generation shaped by economic headwinds, stagnant wages, and soaring housing costs. The Great Wealth Transfer, projected to move $124 trillion in assets from baby boomers to younger generations by 2048, is the backdrop for this shift. Millennials are not just hoping for a windfall—they are banking on it.

The numbers are staggering. The average expected inheritance among millennials and Gen Z is $335,000. Yet, only about 26% expect to receive an inheritance soon. This gap between hope and likelihood highlights a deeper issue: many boomers lack up-to-date wills or estate plans. Without clear communication and planning, the transfer of wealth could be delayed, diminished, or even derailed by medical costs, longevity, or family disputes.

The Great Wealth Transfer

The Great Wealth Transfer is the largest intergenerational movement of assets in U.S. history. Driven by demographic shifts and rising asset values, it is set to reshape the financial landscape. Baby boomers, who accumulated wealth during the post-World War II economic expansion, are now passing it on to their heirs. Financial institutions project that millennials will inherit $46 trillion of the total $124 trillion. This transfer is not just a family affair; it will impact housing markets, retirement systems, and consumer spending patterns. The scale of the transfer is unprecedented, and its effects will be felt for decades.

However, the transfer is not guaranteed. Many boomers have not completed estate planning, and family conversations about inheritance are often avoided. This lack of preparation creates uncertainty for millennials, who are already facing barriers to homeownership and retirement savings. The transfer could provide a much-needed financial boost, but only if families take the necessary steps to plan and communicate.

Expectations vs. Reality

The gap between expectations and reality is a key challenge. While 66–70% of millennials expect to inherit, only about a quarter expect to receive an inheritance soon. This disconnect is due to a combination of factors: estate planning gaps, rising healthcare costs, and uneven distribution of wealth among boomers. Many millennials are relying on inheritance to achieve financial milestones, but the actual receipt of inheritances remains uncertain. This uncertainty creates anxiety and delays economic milestones for those without wealthy parents.

The reliance on inheritance also has broader implications. It could widen wealth inequality if inheritances are unevenly distributed. It could strain family dynamics, as inheritance discussions and disputes become more common. And it could shift policy debates over estate taxes, wealth inequality, and housing affordability. The transfer is not just a personal issue; it is a societal one.