The Coming 'Great Wealth Transfer': Will $70T Inheritances Empower or Entrench Inequality for Millennials?

As baby boomers die, they could pass down $70T-$90T to younger generations, making millennials the "richest generation in history". However, inherited wealth may mostly benefit those already well-off.

Some believe the wealth transfer will help millennials economically after enduring recessions and high costs, while others argue it will further entrench inequality.

There are doubts on the scale of the transfers - boomers may spend down their wealth on health care and elder care before dying.

While large inheritances will go to the rich, smaller ones could still be “life-changing” for middle- and lower- class heirs.

The transfers could help narrow gender and generational inequality gaps, but timing issues mean most millennials won’t benefit until close to their own retirement.