Most inheritance dollars from baby boomers expected to go to households with above-median net worth, Visa study says

A new analysis from Visa Business and Economic Insights clarifies the scale of the upcoming intergenerational wealth transfer. Experts estimate $36 trillion will pass from baby boomers to Generation X and millennials over the next 20 years. This figure is significantly lower than some earlier projections that exceeded $100 trillion because it accounts for retirement costs, taxes, debt, and charitable contributions.

The data shows that the transfer will not spread evenly across the population. Roughly three-quarters of the households set to receive these inheritances already possess an above-median net worth. Because these recipients are generally in stable financial positions, most of the wealth is expected to be saved or invested rather than funneled directly into consumer spending.

While the total impact on national retail activity remains modest, the transfer still influences specific segments of the economy. Wealthy households often use these assets to support home ownership through down payments or to finance multigenerational travel experiences. Despite the large headline number, the primary effect of the great wealth transfer appears to be the further consolidation of existing capital rather than a broad-based surge in consumer consumption.