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7 facts you need to know about the super rich and wealth transfers

The amount of money these individuals are due to pass on is large enough to purchase Apple Inc., the most valuable company in the world, seven times over. Learn how insurance advisers can aid in the transfer process.

By Hannah Bender | Updated on January 29, 2015

The nation’s wealthiest are reaching retirement age, and while they probably have been planning their finances for retirement for years, they should also be planning for the inheritance of their fortunes. The average age of an ultra-high net worth (UHNW) individual is 59 for men and 57 for women. Within the next 10 years, nearly 16,000 ultra-high net worth individuals with a combined net worth of over $4.1 trillion will pass on their wealth to the next generation.

As many of these individuals approach retirement and think about their legacies and wealth succession plans, a huge amount of wealth is set to change hands in the coming decades. This era of familial wealth transfers and giving is unprecedented. Over the next 30 years, $16 trillion of UHNW wealth is expected to be transferred to the next generation, and the United States accounts for 40% of wealth transfers, according to findings from a recent NFP-sponsored Wealth-X study, Family Wealth Transfers Report, creating a new generation of UHNW individuals. The latest Wealth-X report examines data and trends associated with wealth succession globally, providing an in-depth analysis on the worlds liquid and illiquid wealth transfer to reveal its relevance for succession planning, and further efficient protection of assets through insurance.

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