Over the next 20 years, between $35 trillion and &70 trillion will change hands from baby boomers to millennials globally. This will be the largest intergenerational transfer of private wealth the world has ever seen.
Sometimes a simple reframe helps us consider how we want to exist in the world. For instance, will we consider ourselves “wealth owners” or “wealth holders”?
As wealth changes hands, we have a choice to make both individually and collectively; to further entrench racial and economic inequalities, or alternatively, to build a regenerative economy where wealth is more fairly distributed. The latter option opens the door to reconcile our wrongs through a strategy that addresses damage we’ve caused within our communities and the natural world.
Helping the Rich Let Go
By Chuck Collins
A new generation of wealth advisers helps wealthy people give away their money instead of hoard it.
Over the next 20 years, a minimum of $35 trillion, and up to $70 trillion, in wealth will transfer from the post-World War II generation to the next younger generation. Most of that wealth will flow in the upper canopy of the wealth forest, between family members in the world’s wealthiest 0.1%.
This intergenerational transfer will only further entrench racial and economic inequalities, aided by a veritable army of financial professionals devoted to minimizing taxes and maximizing family inheritances within narrow bloodlines.
But some beneficiaries of this system are working to disrupt it, with the help of financial advisers who have a very different outlook from the rest of their profession. They are redirecting this wealth to solve big problems, like climate disruption and racial inequity. And this has created a new ethos among some of the elite and their financial advisers: “wealth minimization.”
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