Great disappointment will follow the Great Wealth Transfer as baby boomers pass on just a fraction of their fortune to millennials and Gen Xers

The Great Wealth Transfer, estimated to be as high as $124 trillion, may disappoint millennials and Gen Xers expecting to inherit significant wealth. Visa Business and Economic Insights report suggests that only $36 trillion of the $93 trillion will be passed on, after accounting for taxes, fees, debt, and other liabilities. The average inheritance for a household is about $515,000, but this figure heavily favors the affluent, with only $8 trillion actually spent on goods and services.

Despite being the wealthiest generation, boomers are burdened by significant debt, which reduces their financial flexibility and wealth to pass on. Roughly $16 trillion of their wealth will be spent during retirement, leaving only $60 trillion for the bottom 90% of boomer households. Inheritance is often going to affluent households, with only a small portion actually spent, resulting in minimal impact on the economy's consumer spending growth.