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Ultra-Wealthy Surge: Millennials to Drive Future Luxury Spending

10/2/2025

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Summary

Story summary

As of 2025, the global ultra-wealthy (>=$30 million) reached 510,810, up 5.4%.
Millennials and Generation Z make up 8% now, projected to 35% by 2040.
Wealth held by Baby Boomers and Silent Generation is expected to fall to ~20%.
2024 luxury spending reached $290B, led by luxury cars; Florida, Texas, and Utah are set for ultra-high-net-worth (UHNW) growth through 2030.

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Story summary

As of 2025, the global ultra-wealthy (>=$30 million) reached 510,810, up 5.4%.
Millennials and Generation Z make up 8% now, projected to 35% by 2040.
Wealth held by Baby Boomers and Silent Generation is expected to fall to ~20%.
2024 luxury spending reached $290B, led by luxury cars; Florida, Texas, and Utah are set for ultra-high-net-worth (UHNW) growth through 2030.