Baby Boomers hold more than half of U.S. household wealth, with estimates reaching approximately $85 trillion to $90 trillion.
A projected $124 trillion in wealth is expected to transfer to heirs and charities through 2048.
However, surveys show a gap between Boomers’ intentions and younger generations’ expectations. Northwestern Mutual’s 2025 Planning & Progress Study found 31% of U.S. adults anticipate leaving an inheritance or charitable gift, up from 26% in 2024, while only 20% expect to receive one, down from 25%.
Boomers Wealthier Than Prior Generations
Baby Boomers have accumulated more wealth at similar ages than previous generations. Pew Research Center’s February 2026 analysis of Federal Reserve data shows the median net worth for Boomer households (ages 58-76) reached $432,200 in 2022 (adjusted to 2024 dollars). This compares with $335,900 for Silent Generation households of the same age in 2001 and $185,300 for the Greatest Generation in 1983.
In 2022, Boomer households collectively owned $77 trillion, with the top 10% holding 71% of that total. More recent estimates place Boomer wealth near $90 trillion.
Factors include postwar economic growth, rising home values, stock market performance, and expanded access to education and pensions, according to the Pew study.
Scale of Projected Transfers
Cerulli Associates projects $124 trillion in total wealth transfers through 2048, with $105 trillion flowing to heirs and $18 trillion to charities. Baby Boomers account for a significant share of this amount.
The transfer is already underway through lifetime gifts, with many Boomers choosing to give while they are alive.
Attitudes Toward Inheritance
Northwestern Mutual’s July 2025 study reported that 31% of adults plan to leave an inheritance or gift. Among Boomers and older adults, 39% do not have a will.
Many cite high retirement and healthcare costs, longevity, and a preference for spending on experiences. Charles Schwab’s 2024 High Net Worth Investor Survey found that 34% of wealthy Boomers want to preserve wealth for heirs, compared with higher percentages among younger wealthy generations.
This contrasts with earlier generations, where cultural norms more strongly emphasized preserving estates for heirs, though total wealth pools were smaller due to lower asset appreciation in prior decades.
Estate Planning and Intestate Succession
Without a will, state intestacy laws govern distribution. In Texas and most states, assets generally pass first to a surviving spouse, then to children. The process can involve court-appointed administrators, delays, and costs, and may not reflect the deceased’s wishes. Unmarried partners or charities typically receive nothing.
Impact on Adult Children
Northwestern Mutual’s 2025 study found that 69% of Millennials who expect an inheritance view it as critical or highly critical to long-term financial security. Overall, only 20% of adults expect to receive one.
Many younger adults face student debt, high housing costs, and lower retirement savings, making expected inheritances a key part of financial planning for some. Outcomes will vary widely due to wealth concentration among the top 10% of households.
