A global transfer of USD 83.5 trillion is underway, marking one of the most significant wealth shifts in modern history. By 2048, this capital will pass largely from baby boomers to Generation X, millennials, and Gen Z, fundamentally changing the financial landscape. More than just a change in balance sheets, this handover is already redefining investment behavior, service expectations, and cultural influence. 

At the center of this transition is the “World Wealth Report 2025, “Sail the great wealth transfer: Setting a course to win Next-gen high-net-worth individuals”, published by the Capgemini Research Institute. The report reveals how new inheritors are reshaping wealth priorities: they demand digital-first engagement, favor global diversification, and approach consumption and investment with a sharper focus on both value and purpose. 

This evolution matters well beyond financial institutions. The luxury field, long intertwined with the preferences of high-net-worth individuals, now finds itself directly influenced by the expectations of this younger, globally mobile, and digitally fluent clientele. For insiders, understanding their mindset is essential for maintaining relevance in the next era of affluence. 

Global Wealth at a Turning Point 

The Report highlights that in 2024, global high-net-worth individual (HNWI) wealth expanded by 4.2% while the HNWI population rose by 2.6%. North America drove the strongest growth, with wealth up 8.9% and population rising 7.3%. Asia-Pacific followed, recording a 4.8% increase in wealth and a 2.7% increase in population. Europe performed more modestly, showing just 0.7% growth in wealth alongside a 2.1% decline in HNWI population, influenced by weakened demand in the luxury and automotive sectors. Latin America was the weakest region, with wealth down 2.6% and population down 8.5%. 

Beyond market momentum, however, the defining story is the transfer of wealth across generations. By 2048, an estimated USD 83.5 trillion is expected to pass from baby boomers to Generation X, millennials, and Generation Z. Women are anticipated to inherit a significant share of this wealth by 2048. 

The Next-Gen HNWI Profile 

The report underscores clear differences between younger inheritors and older generations. Unlike baby boomers, who favor preserving their wealth, younger HNWIs are more willing to take risks, with a growing appetite for private equity and cryptocurrency.  They are also highly international in outlook, pursuing opportunities not only in traditional wealth centers such as London, Switzerland, and New York, but increasingly in emerging destinations including Singapore, Hong Kong, the UAE, and Saudi Arabia. 

Their expectations extend well beyond investments. Next-gen HNWIs seek broader value in estate planning, philanthropic advisory, concierge offerings, and lifestyle management. Importantly, they demand a digital-first experience that matches the convenience of the platforms they use in their daily lives.  

Relationship Managers: A Decisive Factor 

Relationship managers, or RMs, remain a decisive element in retaining and attracting wealth. The report shows that 62% of younger clients would follow their RM if the advisor were to move to a different firm. Yet at the same time, 47% of RMs report dissatisfaction with their firm’s digital tools and technology. This limits their ability to deliver the proactive, highly personalized services expected by their younger clients. The issue is compounded by demographics: nearly half of all current RMs are expected to retire by 2040, raising the risk of a looming talent shortage just as demand for their skills is intensifying. Capgemini stresses that firms must act urgently to equip RMs with AI-driven systems, advanced analytics, and integrated digital channels to preserve client loyalty and secure long-term growth. 

Where Wealth Meets Luxury 

The report also reveals significant intersections between wealth management strategies and luxury consumption. Next-gen HNWIs increasingly approach luxury purchases with an investment mindset, viewing fine goods, collectibles, and high-end experiences as assets with long-term value and transmission potential. Inheritance planning directly shapes how these clients approach luxury spending. 

Concierge services are evolving beyond bespoke travel and exclusive access. Education advisory for heirs, medical support, and even cybersecurity are emerging as priorities. At the same time, financial education and empowerment programs are demonstrating that knowledge, governance, and intergenerational preparation are now as vital to loyalty as portfolio returns. Luxury and wealth management providers that can address this broader lifestyle and generational needs will stand out in an increasingly competitive environment. 

Strategic Directions 

Capgemini proposes a three-part framework for navigating this transformation. Firms must design investment strategies tailored to next-gen appetites, particularly in alternatives and sustainability-linked assets. They must also broaden their service models to incorporate global diversification, estate planning, philanthropy, and holistic concierge support. Finally, they must empower relationship managers with technology, analytics, and ongoing training to ensure that advisory talent remains strong as generational expectations rise. 

To Conclude: 

• The USD 83.5 trillion generational wealth transfer is already underway and will accelerate through 2048. 
• 81% of younger HNWIs plan to switch firms after inheritance unless wealth managers adapt quickly. 
• Women will inherit a significant share of global wealth, making them central decision-makers in financial and luxury markets. 
• Relationship managers remain critical, but a looming talent shortage and inadequate digital tools threaten continuity. 
• Next-gen HNWIs view luxury purchases as investments tied to legacy, shaping demand for both financial and lifestyle services. 
• Firms that adopt tailored strategies, expanded concierge ecosystems, and advanced digital capabilities will secure both assets and long-term cultural relevance. 

WLCC Commentary: 
“The largest wealth shift in history is underway, and this is not only about finance but also about how culture and influence will evolve. Luxury industry insiders should take it as both a challenge and an opportunity. These inheritors expect more than products; they seek legacy, purpose, and experiences. WLCC members stand at the forefront of this redefinition of luxury. “

To view the full report, visit:  https://www.capgemini.com/insights/research-library/world-wealth-report/  

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