“The largest transfer of wealth in global financial history”
The future inheritances of the baby boomer generation represent “the largest transfer of wealth in global financial history”, underlines the study, adding that this will not be without consequences for Swiss banks.
“It will be decisive for wealth managers to retain this volume of clients. Replacing this business with new clients will be a significant challenge, especially for established private banks,” said Olaf Toepfer, founder and director of the EY Global Center for Wealth Management.
By its calculations, the firm expects $18 trillion to be left around the world by 2030. “This roughly corresponds to China’s annual gross domestic product,” it notes. “Already in 2023, there were more private clients who became billionaires thanks to inheritances than thanks to entrepreneurship,” he adds.
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