The Biggest Wealth Transfer In History is Happening Right Now!
Patrick Boyle On Finance
Patrick Boyle
4.9 • 308 Ratings
🗓️ 12 May 2025
⏱️ 21 minutes
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Summary
This week, let's talk about the great wealth transfer, what this means for the economy, and why millennials are expected to become the wealthiest generation in history.
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Transcript
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| 0:00.0 | In what's being called the Great Welt Transfer, millennials who got off to a slow start, |
| 0:05.3 | are now expected to become the richest generation in history, thanks to the nearly $124 trillion |
| 0:12.2 | in assets that they're expected to inherit over the next 20 years from their baby boomer, |
| 0:18.7 | parents and grandparents. In The Missing Billionaires by Hagani |
| 0:22.8 | and White, they tell the story of Cornelius Vanderbilt, who died in 1877, leaving his |
| 0:29.7 | oldest son the largest fortune in the world at the time, more than $100 million. Despite |
| 0:36.8 | the huge returns available to investors between then and now, |
| 0:40.9 | just 70 years later, the entire Vanderbilt family wealth was gone. |
| 0:45.8 | No Vanderbilt descent in today can trace their wealth back |
| 0:49.7 | to the huge fortune Cornelius accumulated during his life. |
| 0:53.9 | The huge spending and bad investment decisions of the Vanderbilt to the huge fortune Cornelius accumulated during his life. |
| 0:54.5 | The huge spending and bad investment decisions of the Vanderbilt heirs wiped out the entire |
| 1:00.3 | fortune. It brings to mind the famous W.C. Fields quote where he said, |
| 1:05.4 | I spent half of my money on gambling alcohol and wild women, the other half I wasted. |
| 1:11.7 | When we look at a list of the wealthiest Americans today, the top ten all made their |
| 1:16.9 | money through business, not from inheritance. |
| 1:20.2 | It's not until we get to number 11 on the list that we see the Walton family that heirs |
| 1:25.1 | to the Walmart fortune. |
| 1:27.1 | According to UBS, 84 people became |
| 1:30.1 | billionaires for the first time in 2023 through the businesses they built up, and 53 became |
| 1:37.2 | billionaires through inheritance. So business success is still the most sure path to wealth. |
| 1:43.3 | Inheritance, however, has become a more important |
... |
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