Today’s ultra-high-net-worth population — individuals with a net worth of at least $30 million — is dominated by the baby boomer generation, which comprises a 45% share, according to a new report from Altrata, which provides intelligence on the wealthy. This cohort is twice the size of the next-largest one, Generation X, which in turn is slightly larger than the silent generation (those born before 1946).
Generation Z and millennials, or Next Gens, are the youngest of the four main generational groups, and account for a modest 8% of the total ultra-wealthy population.
This is set to change dramatically over the next two decades, Altrata said, as the “great wealth transfer” brings a huge redistribution of global net worth from older to younger generations through lifetime gifting and inheritance on death. The major beneficiaries will be Gen X and Next Gens.
Just as the share of net worth differs between the four generational groups, so do the interests and hobbies each one favors, Altrata’s research found.
Sport is universally popular across the cohorts, reflecting its broad appeal to all ages — as an active leisure pursuit, for social relaxation or, increasingly, for purposes of investment and ownership prestige in a time of lucrative media rights and the growth of sports franchises.
Philanthropy also ranks highly across the board, with interest growing in line with age (and median wealth). The outdoors is also fairly popular across all ages, as are travel and public speaking.
See the gallery for the top seven interests and hobbies of Nex Gens, Gen Xers, boomers and the silent generation.
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