Generational differences in wealth transfer and philanthropy
The BofA study also highlights the different approaches to wealth distribution across generations. For instance, 32% of younger generations are willing to donate inherited artworks to museums or cultural institutions, while 77% of older generations prefer to keep these assets for personal use.
This trend extends to philanthropy, with younger investors showing a greater willingness to support charitable causes. However, older generations remain skeptical about their successors' ability to manage philanthropy effectively, with only 50% believing the next generation is prepared to take on these responsibilities. This generational gap reflects broader changes in wealth management, as younger individuals seem more inclined to "give back" and engage in social contributions compared to previous generations.
Financial prospects and future expectations
Wealthy young Americans also display more optimism about the economy compared to older generations. According to the survey, 51% of Gen Z and Millennials rate the U.S. economy as "very good" or "excellent," compared to 24% of older respondents. Similarly, while only 6% of older generations view the global economy positively, 46% of younger individuals have a more optimistic outlook.
The value of
Given what we’ve outlined above, investing in alternative assets instead of more "traditional" ones (e.g., stocks, real estate) could potentially offer protection against inflation and market instability. Additionally, the value of rare and timeless luxury items—such as collectible watches, wines, or artworks—may increase over time.
However, caution is needed, as the Greek investment environment differs significantly from that of the U.S., and the liquidity of such investments is lower than that of more traditional options. Accordingly, before making any decisions, it is essential to have a solid understanding of the market to avoid overvalued or questionable purchases.
Sources: Fortune