The greatest wealth transfer in modern history has begun.
Older Americans Stockpiled a Record $35 Trillion. The Time Has Come to Give It Away.
Transfers to heirs and others are unleashing a torrent of economic activity, including buying homes, starting businesses and giving to charity
By Ben Eisen and Anne Tergesen
Featured in the July 2, 2021, WSJ.
“The greatest wealth transfer in modern history has begun.
Baby boomers and older Americans have spent decades accumulating an enormous stockpile of money. At the end of this year’s first quarter, Americans age 70 and above had a net worth of nearly $35 trillion, according to Federal Reserve data. That amounts to 27% of all U.S. wealth, up from 20% three decades ago. Their wealth is equal to 157% of U.S. gross domestic product, more than double the proportion 30 years ago, federal data show.”
