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Recently published research suggested the long-heralded ‘great wealth transfer’ is now firmly underway. The next two decades are set to witness the largest ever transfer of wealth as baby boomers and Gen X pass assets to their heirs, which increases the need for carefully considered financial planning to allow assets to flow down the generations.

A recent survey1 showed 2023 as the first ever year in which billionaires amassed more wealth through inheritance than entrepreneurship. This trend is expected to continue in the coming years, with predictions millennials’ wealth will increase five-fold across the current decade, with significant levels of wealth passing to Gen Z too, according to research2.

60% of heirs are planning for future generations to benefit from their wealth, suggests careful planning will be required if families are to successfully transfer wealth in a way that makes fair provision for all generations.

If you’re looking for advice on wealth management and other financial matters, please contact us.

1UBS Billionaire Ambitions Report, 2023     2Coldwell Banker, 2019

The value of investments and income from them may go down. You may not get back the original amount invested. Inheritance Tax Planning is not regulated by the Financial Conduct Authority.

30 May 2024

The views expressed in this blog do not in any way constitute advice and are specific to the date noted. As time passes the facts can change and readers should consult their adviser for up to date advice on any matters covered within the blog. Invest Southwest offers an initial review, which is free of charge, however long it takes. From this we will be able to confirm how we can help and give you an opportunity to decide if you would like us to. Thereafter, we will provide you with detailed recommendations and exact costs. Please note that we promise not to levy any kind of fee unless we can demonstrate a benefit to you.