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Ultra-wealthy millennials and Gen Zers to displace baby boomers by 2040
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A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
The ranks of the world’s ultra-wealthy continue to swell, with the number of individuals worth at least $30 million surging to 510,810 at the end of June, up 5.4% since the beginning of the year, according to a new report by wealth intelligence firm Altrata.
Millennials and members of Generation Z only make up 8% of this class, which boasts combined net worth of $59.8 trillion, per Altrata. Baby boomers command the lion’s share of nearly 45% and people born in 1945 or earlier represent another 22%.
However, this dynamic is set to change rapidly thanks to the great wealth transfer, with Altrata estimating that the millennials and Gen Z constituents will make up more than a third of the ultra-wealthy population by 2040. Meanwhile, the share held by baby boomers and the silent generation will shrink from more than two-thirds to a fifth, and Generation X will take the lead with 45%.
This generational shift has far-reaching implications for firms that cater to the ultra-rich, from wealth managers to art dealers as well as nonprofits, according to Altrata’s Maya Imberg.
“They really have to think ahead because 15 years is not actually that far away,” said Imberg, head of thought leadership and analytics at Altrata. “Are environmentally friendly cars going to become more critical? Are they going to be as into yachting? All of these preferences are going to have a really big impact on the bottom line of businesses.”
Part of this rapid growth is due to the increased use of trusts and family offices over the past decade to pass wealth to heirs at an earlier age, Altrata’s Maeen Shaban told Inside Wealth.
“That means younger people are able to access that wealth. They don’t have to wait for the principal to pass away,” said the director of research and analytics.
Imberg said the most “stark” difference between generations lies in the industries where they made their wealth and the ones where they currently work. For most ultra-wealthy individuals, especially younger ones, these two are one and the same, according to Imberg.
But 15% of the next generation derives their wealth from hospitality and entertainment, while their older peers index below 5%. The next generation is also the most likely (just under 9%) to have technology as their industry of focus, which is twice the share of baby boomers. While banking and finance is the most popular industry across all generations, the share for the youngest is just under 20%, 10 percentage points lower than the average.
These differences, according to the report, reflect tech companies minting millionaires, as well as influencers and celebrities monetizing social media.
Other nuances can largely be attributed to age, such as the next generation listing philanthropy as a lower priority, as well as real estate and luxury assets making up nearly a quarter of their wealth. These young entrepreneurs are typically running businesses that may be illiquid, leaving less time and cash to spend on philanthropy, Imberg said.
They also have a lower average wealth with a median of $44 million (versus $57 million for baby boomers), so real estate often makes up a larger chunk of their portfolios, according to Shaban. And while baby boomers are downsizing, the next generation is in the mood to spend, he said.
“They are in more of an acquisition state than older generations. They’re still buying things. For some of them, they’re buying the first house, their first big car, their first vacation home, or whatever,” he said. “It’s a different life cycle.”
Defense Secretary Pete Hegseth previously threatened to remove the firm from the department’s supply chain.
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Stocks To Watch: Vishal Mega Mart, Axis Bank, Jio Financial Services, Hindalco, Vedanta, And Others
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Stocks to watch: Shares of firms like Vishal Mega Mart, Axis Bank, Jio Financial Services, Hindalco, Vedanta, and others will be in focus on Friday’s trade
Stocks To Watch on February 27
Stocks to Watch Today, February 27, 2026: Indian equities are likely to open on a cautious note amid mixed global cues. As of 7:41 AM, GIFT Nifty futures were trading 87 points lower at 25,549.
Vishal Mega Mart: Promoter Samayat Services is reportedly looking to offload up to a 6.5 per cent stake via a block deal. The transaction is valued at around Rs 3,507.5 crore, with a floor price of Rs 115 per share.
Axis Bank: The private sector lender has approached the Reserve Bank of India (RBI) seeking approval to retain a higher stake in its subsidiary, Axis Finance, with only limited dilution proposed.
Netweb Technologies: The company has partnered with Vertiv to develop advanced liquid-cooled rack solutions for AI-focused data centres in India.
Jio Financial Services: The company has infused Rs 2,000 crore into its subsidiary, Jio Credit Ltd, to fund business expansion and growth plans.
Hindalco: The acquisition of AluChem Companies, Inc. through Aditya Holdings LLC has been temporarily delayed after the CFIUS review in the US was paused due to a partial federal government shutdown.
Info Edge: The board has approved a commitment of Rs 250 crore to the newly launched B8 Fund I, a growth-stage fund aimed at strengthening its presence in India’s startup ecosystem.
Reliance Communications: The CBI has reportedly registered a fresh case against Anil Ambani and the company for allegedly defrauding Bank of Baroda of over Rs 2,220 crore between 2013 and 2017.
Ircon International: The Patna High Court has dismissed the company’s writ petition related to VAT assessments for the Ganga Bridge Project (FY11–FY17), upholding a demand of Rs 108.75 crore. Of this, Rs 27.39 crore has been paid, leaving an outstanding Rs 81.36 crore plus interest.
NBCC: The state-run firm has secured project management consultancy orders worth about Rs 775.27 crore (excluding GST) from the Delhi Development Authority (DDA) for redevelopment projects in New Delhi.
MSTC: The company has emerged as the lowest bidder for a Coal India tender to act as an external service provider for non-regulated sector (NRS) linkage auctions for three years.
Onesource Specialty Pharma: The NSE and BSE have issued no-objection letters for the proposed merger and arrangement involving Steriscience Specialties, Brooks Steriscience and Strides Pharma Services.
Vedanta: ICRA has assigned an ‘ICRA AA’ rating to the company’s NCDs with a ‘Watch Developing’ outlook. It also reaffirmed the long-term rating at ‘ICRA AA’ (Watch Developing) and the short-term rating at ‘ICRA A1+’.
BPCL: The oil marketing company has incorporated a wholly owned subsidiary in Singapore — Bharat Petroleum Global Energy Services — to set up a trading desk for crude oil, natural gas and petrochemical products.
Brigade Enterprises: The company has partnered with Primus Senior Living to develop three senior living communities in South India, with an estimated gross development value of Rs 750 crore.
Apeejay Surrendra Park Hotels: The firm has signed a management agreement with Luxmi Tea Co. to operate a 100-room premium hotel under “The Park” brand in Siliguri, West Bengal.
GMDC: The company has signed an MoU with NTPC to jointly explore opportunities in coal and lignite gasification, along with related downstream projects.
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February 27, 2026, 08:21 IST
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Consumer confidence has fallen in a blow for retailers as customers veer away from big-ticket purchases, figures show.
GfK’s long-running Consumer Confidence Index dropped three points to minus 19 in February to a level last seen in November, despite easing inflation.
The decline was mainly driven by weaker perceptions of personal finances – looking back over the last year and ahead to the next 12 months – which both fell by four points.
The major purchase index – an indicator of confidence in buying big-ticket items – also fell by four points, to minus 14.
Expectations for the general economy over the next 12 months remained unchanged at minus 31 – the same as the score a year ago.
Meanwhile, a measure of confidence in saving money, which is part of the survey but does not contribute to the overall score, fell seven points to 21 – nine points lower than last year.
Neil Bellamy, consumer insights director at GfK, said: “Fewer people say that now is a good time to make major purchases and fewer consumers intend to save money.
“Although the rate of inflation is easing, prices continue to rise, forcing many households to prioritise day-to-day spending over longer-term needs.
“Views on the broader economy remain firmly in negative territory, with consumers anticipating only limited economic growth this year.
“Unemployment has now reached its highest level in nearly five years, and this is increasing concerns about job security, particularly given the backdrop of weak wage growth. With fewer entry-level opportunities available, those on lower incomes are already feeling the strain, and this trend risks undermining the typically more optimistic outlook held by younger age groups.”
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