Generation Z is on track to become the richest generation in history by the year 2035, according to a new report from Bank of America.
The financial institution cites two major factors driving Gen Z’s projected economic surge: rising wages and a massive transfer of inherited wealth.
Born between 1997 and 2012, Gen Z is expected to earn more than $74 trillion in income by 2040. Experts say this combination of growing earnings and generational wealth transfer will significantly boost their financial standing in the decades ahead.
As Gen Z continues to enter the workforce and inherit assets from older generations, their economic influence is only expected to grow.