High Net Worth Gen Zers Expect To Get Richer in 2024: How You Can, Too
Written by
Heather Altamirano
Edited by
Nicholas Morine
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Generation Z might be facing record inflation, rising housing costs, high interest rates and a mountain of student loans, but many are unconcerned about the financial woes. According to Knight Frank — a property broker which surveyed people with a net worth of over $1 million, or an annual income of $200,000 or more, for its 18th edition of the Wealth Report — a large percentage of well-off Gen Zers remain assured about building their wealth.
“A clear pattern emerges when data is analyzed by age: younger affluent groups are more confident about the economic outlook compared with older groups,” the report stated. Here are the key findings of the report pertaining to Gen Z, as well as one thing the younger generation is doing to boost wealth that you can, too.
Investing in Property Is Key To Getting Richer
Wealthy members of the younger generation are eager to jump on real estate properties, which anyone with the means to invest can do.
“Property remains key for all wealthy groups,” the report revealed, while also pointing out that young ultra-wealthy individuals are the “most active” in property investing.
Boomers Don’t Expect to See Their Wealth Grow
Rich Gen Zers are shaping up to be a self-assured demographic that expects to see their wealth increase greatly — but many affluent boomers do not, per the report.
“Only 52% of HNWI (high net worth individual) boomers anticipate growing their wealth in the next 12 months, in contrast to 75% of Gen Z-ers, with 43% expecting ‘significant growth,'” Frank Knight data suggested.
The Transfer of Wealth
One reason for comfortable zoomers’ positive financial outlook could be the existence of wealthy parents — or other financially stable family members they expect to inherit money from. According to the report, boomers are set to hand over their assets to the younger generation. “Over the next 20 years, a transfer of wealth and assets will occur as the silent generation and baby boomers hand over the reins to younger generations,” the report detailed.
The report added, “The transfer is happening amid seismic changes in how wealth is put to use. The difference in outlook between younger and older generations will result in a substantial reappraisal of marketing strategies for anyone wanting to sell products or services to this newly wealthy group.”
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