# The Great Wealth Transfer: Statistics and the California Picture (2026)

> Great Wealth Transfer statistics for 2026, with sources: Cerulli's $124 trillion, Federal Reserve wealth by generation, and Census data for California.

Source: https://ridleylawoffices.com/great-wealth-transfer-california/

By Eric Ridley, attorney, Ridley Law. Updated October 2026.

This page collects more than 60 statistics on the Great Wealth Transfer, the movement of household wealth from baby boomers and older Americans to spouses, children and charities, and what it looks like for California. Every figure is traced to the organization that first published it: Cerulli Associates, Bank of America Private Bank, the Federal Reserve, the Census Bureau and the California Department of Finance. Secondhand reports are left out. We review the page every quarter and update it when a source publishes new data.

**Cite this page:** Ridley Law, “The Great Wealth Transfer: Statistics and the California Picture (2026),” ridleylawoffices.com/great-wealth-transfer-california/, October 2026.

**$124 trillion**

Projected wealth transfer in the U.S. through 2048, per Cerulli Associates (2024)

**$97.4 trillion**

Household net worth held by baby boomers, second quarter 2026, per the Federal Reserve

**$54 trillion**

Expected to pass to surviving spouses first, per Cerulli Associates (2024)

**6.5 million**

Californians age 65 or older, per the 2024 American Community Survey

**9.3 million**

Californians projected to be 65 or older in 2040, per the California Department of Finance

**46%**

Wealthy Americans with a will, an advance directive and a power of attorney, per Bank of America Private Bank (2026)

One caution first. We found no official California share of the transfer. Cerulli reports a national projection, and the Federal Reserve’s wealth data is national. The California estimate near the end of this page is Ridley Law’s own arithmetic and is labeled that way.

## How big is the Great Wealth Transfer?

### How much wealth will change hands in the United States through 2048?

Cerulli Associates projects that $124 trillion in wealth will transfer in the United States through 2048 (2024).

Cerulli published the projection in December 2024 from its report on the U.S. high-net-worth and ultra-high-net-worth markets. Bank of America Private Bank repeats it, as covered below. Source: [Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (2024).

### How much of the $124 trillion goes to heirs and how much to charity?

Cerulli expects $105 trillion to flow to heirs and $18 trillion to go to charity (2024).

Cerulli reports the two amounts as published, in whole trillions. Source: [Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (2024).

### How much of the transfer comes from baby boomers and older generations?

Nearly $100 trillion will come from baby boomers and older generations, which is 81% of all transfers, according to Cerulli Associates (2024).

Source: [Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (2024).

### How much comes from high-net-worth households?

Households that are high-net-worth or ultra-high-net-worth today will transfer about $62 trillion, more than half of the total, and they make up only 2% of all households, according to Cerulli Associates (2024).

Source: [Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (2024).

### Who else cites the $124 trillion figure?

Bank of America Private Bank’s 2026 Study of Wealthy Americans repeats the $124 trillion figure, and the footnote to that passage cites Cerulli (2026).

The footnote, which sits on the projection for annual boomer transfers after the $124 trillion, cites Cerulli’s report on the U.S. high-net-worth and ultra-high-net-worth markets (dated June 2025 in the footnote). The $124 trillion matches Cerulli’s own release. The bank does not present it as its own research. Source: [Bank of America Private Bank, 2026 Study of Wealthy Americans](https://privatebank.bankofamerica.com/articles/study-of-wealthy-americans.html) (2026).

## Who receives the wealth?

### Which generation will inherit the most over the next 25 years?

Millennials will inherit the most of any generation over the next 25 years, $46 trillion, according to Cerulli Associates (2024).

Cerulli measured this over the period ending in 2048. Source: [Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (2024).

### Who inherits the most in the next 10 years?

Generation X will inherit the most in the next 10 years, about $14 trillion, compared with $8 trillion for Millennials, according to Cerulli Associates (2024).

The two time windows give different rankings. Source: [Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (2024).

### How much passes to Gen X and Millennials combined?

Cerulli puts the amount passed down to Gen X and Millennial heirs at $85 trillion (2024).

Cerulli adds that most of the wealth older generations own will eventually be donated or passed down to these two generations. Source: [Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (2024).

### How much of the transfer goes to surviving spouses first?

Cerulli projects $54 trillion will pass to spouses before it moves on to heirs and charities (2024).

Cerulli calls these horizontal, or intra-generational, transfers. The money moves on to children and charities later. What a surviving spouse is allowed to change in the trust affects where it ends up. See [Can a Surviving Spouse Change a Trust After One Spouse Dies?](https://ridleylawoffices.com/can-surviving-spouse-change-trust-california/) Source: [Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (2024).

### How much of the spousal transfer goes to widowed women?

Nearly $40 trillion of the spousal transfers will go to widowed women in the baby boomer and older generations, according to Cerulli Associates (2024).

Roughly three-quarters of the $54 trillion spousal total ($40 trillion of $54 trillion is 74%, Ridley Law’s arithmetic) goes to women. Cerulli’s own conclusion is that financial providers need to build relationships with women and next-generation clients. Source: [Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (2024).

## Who holds the wealth today?

### How much net worth do baby boomers hold?

Baby boomers held $97.4 trillion in household net worth in the second quarter of 2026, or 52.5% of the U.S. total, according to the Federal Reserve’s Distributional Financial Accounts.

The Fed defines baby boomers as people born from 1946 to 1964. The four generations in the table add up to $185.7 trillion (Ridley Law’s sum of the Fed’s four figures). Source: [Federal Reserve Board, Distributional Financial Accounts, Distribution of Household Wealth in the U.S. since 1989](https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/) (2026, data through the second quarter of 2026).

| Generation (birth years) | Net worth, Q2 2026 | Share of U.S. total | Owner-occupied real estate |
| --- | --- | --- | --- |
| Silent Generation and earlier (before 1946) | $19.8 trillion | 10.7% | $3.8 trillion |
| Baby Boomers (1946 to 1964) | $97.4 trillion | 52.5% | $20.5 trillion |
| Generation X (1965 to 1980) | $47.7 trillion | 25.7% | $14.3 trillion |
| Millennials (1981 or later) | $20.8 trillion | 11.2% | $11.2 trillion |

Source: [Federal Reserve Board, Distributional Financial Accounts, Distribution of Household Wealth in the U.S. since 1989](https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/) (2026). Data file: [Federal Reserve Board, DFA data download (zip)](https://www.federalreserve.gov/releases/z1/dataviz/download/zips/dfa.zip). Dollar figures are the Fed’s levels in millions, converted to trillions.

### What share of household wealth do baby boomers and older Americans hold together?

Baby boomers and the Silent Generation and earlier held about 63% of U.S. household net worth in the second quarter of 2026, per the Federal Reserve.

Ridley Law’s arithmetic: $97.4 trillion plus $19.8 trillion is $117.2 trillion, which is 63.1% of $185.7 trillion. The Fed’s published shares, 52.5% and 10.7%, add to 63.2%. Source: [Federal Reserve Board, Distributional Financial Accounts, Distribution of Household Wealth in the U.S. since 1989](https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/) (2026).

### How much of U.S. household real estate do baby boomers own?

Baby boomers owned 41.3% of U.S. household owner-occupied real estate, $20.5 trillion, in the second quarter of 2026, per the Federal Reserve.

Millennials owned 22.4%. Houses are a large part of what boomers will pass on, and [capital gains on inherited property](https://ridleylawoffices.com/capital-gains-inherited-property-california/) and [property tax reassessment](https://ridleylawoffices.com/does-my-property-get-reassessed-when-i-put-it-into-trust/) come up whenever a California home changes hands at death. Source: [Federal Reserve Board, Distributional Financial Accounts, Distribution of Household Wealth in the U.S. since 1989](https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/) (2026).

### How fast has boomer net worth grown in a year?

Baby boomer net worth rose 14.4% in the year to the second quarter of 2026, from $85.2 trillion to $97.4 trillion, per the Federal Reserve.

Over the same year the Silent Generation and earlier figure moved from $20.0 trillion to $19.8 trillion. The DFA measures balance sheets, so the change combines asset prices, savings and transfers. It does not isolate inheritances. Source: [Federal Reserve Board, Distributional Financial Accounts, Distribution of Household Wealth in the U.S. since 1989](https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/) (2026).

## What does the Great Wealth Transfer look like in California?

### How many Californians are 65 or older?

California had 6,524,861 residents age 65 or older in 2024, or 16.5% of its 39,431,263 residents, according to the Census Bureau’s American Community Survey.

The national figure is 61,245,283 of 340,110,990, or 18.0%. California is younger than the country as a whole, but it has more older residents than any other state because it has the most residents. Source: [U.S. Census Bureau, American Community Survey 2024 1-Year Estimates, Table S0101, Age and Sex](https://data.census.gov/table/ACSST1Y2024.S0101?g=040XX00US06) (2025).

### How many Californians will be 65 or older in 2040 and 2050?

The California Department of Finance projects 9,286,732 Californians age 65 or older in 2040, or 22.8% of the state, and 10,417,459 in 2050, or 25.3%.

The same series shows 6,957,381 in 2026 (17.6%) and 7,800,629 in 2030 (19.6%). Ridley Law added the five-year age groups from 65 to 69 up through 110 and older in the Department of Finance file. Source: [California Department of Finance, Report P-1C, Total Population by 5-Year Age Group and Sex, 2020-2070](https://dof.ca.gov/media/docs/forecasting/Demographics/projections/P1C_State_Age-Group_Sex.xlsx) (2026, Baseline 2024, Vintage 2026).

| Year | California population | Age 65 and over | Share of population | Age 85 and over |
| --- | --- | --- | --- | --- |
| 2026 | 39,567,317 | 6,957,381 | 17.6% | 762,163 |
| 2030 | 39,879,496 | 7,800,629 | 19.6% | 956,492 |
| 2040 | 40,790,825 | 9,286,732 | 22.8% | 1,677,459 |
| 2050 | 41,118,423 | 10,417,459 | 25.3% | 2,331,269 |

### How many Californians will be 85 or older in 2050?

The California Department of Finance projects 2,331,269 Californians age 85 or older in 2050, up from 762,163 in 2026, about 3.1 times as many.

Ridley Law computed the multiple from the two Department of Finance figures. Source: [California Department of Finance, Demographic Projections, P-1C](https://dof.ca.gov/forecasting/demographics/projections/) (2026).

### How many California homeowners are 65 or older?

California had 2,723,823 homeowner households headed by someone age 65 or older in 2024, which is 35.4% of the state’s 7,701,876 owner-occupied households, per the American Community Survey.

Ridley Law added the three owner age bands, 65 to 74 (1,542,930), 75 to 84 (889,595) and 85 and over (291,298). Source: [U.S. Census Bureau, American Community Survey 2024 1-Year Estimates, Table B25007, Tenure by Age of Householder](https://data.census.gov/table/ACSDT1Y2024.B25007?g=040XX00US06) (2025).

### What share of older California households own their home?

About 73.4% of California households headed by someone 65 or older owned their home in 2024, compared with 78.6% nationally, per the American Community Survey.

Ridley Law divided older owner households by older owner plus renter households (2,723,823 of 3,713,165 in California; 29,565,705 of 37,604,726 in the United States). Source: [U.S. Census Bureau, American Community Survey 2024 1-Year Estimates, Table B25007](https://data.census.gov/table/ACSDT1Y2024.B25007?g=040XX00US06) (2025).

### How much are California’s owner-occupied homes worth?

California’s owner-occupied homes were worth $7.63 trillion in total in 2024, according to the American Community Survey, which is 18.3% of the $41.65 trillion for the whole country.

California has 11.6% of the U.S. population (39,431,263 of 340,110,990), so it holds a far larger share of home value than of people. About 32% of that value, $2.45 trillion, sits in homes with no mortgage, compared with 36% nationally. The values are owners’ own estimates, as the survey collects them. Source: [U.S. Census Bureau, American Community Survey 2024 1-Year Estimates, Table B25082, Aggregate Value by Mortgage Status](https://data.census.gov/table/ACSDT1Y2024.B25082?g=040XX00US06) (2025).

### What share of the wealth transfer is California’s?

We found no official California figure for the Great Wealth Transfer from any agency or research firm cited on this page.

Cerulli reports a national total, and the Federal Reserve’s distributional wealth data is national. **Ridley Law’s estimate, not a published figure:** if California’s share of the $124 trillion matched its 18.3% share of U.S. owner-occupied home value ($7.63 trillion of $41.65 trillion), the amount would be about $23 trillion. If it matched its 11.6% share of the U.S. population, the amount would be about $14 trillion. Treat roughly $14 trillion to $23 trillion as a rough bracket, not a forecast. Home value and headcount each capture only part of what people own. Do not cite this as a Cerulli or Census figure.

Changes to California property tax treatment of inherited homes also shape what families keep. See [How to File the Prop 19 Parent-Child Exclusion](https://ridleylawoffices.com/how-to-file-prop-19-exclusion-california/) and the [2026 California estate planning numbers](https://ridleylawoffices.com/2026-california-estate-law-changes/) for current thresholds.

## How prepared are wealthy families for the transfer?

The next figures come from one survey. Method: Escalent, an independent research firm, ran an online survey for Bank of America Private Bank among 1,431 U.S. adults with at least $3 million in investable assets (excluding the primary residence), fielded January 8 to February 5, 2026. The survey reports a margin of error of plus or minus 2.5 points at a 95% confidence level. Respondents are wealthy Americans, not the general public, so these percentages describe that group only. For the general public, see [how many people have a will](https://ridleylawoffices.com/california-will-statistics/).

### How many wealthy Americans have a will, an advance directive and a power of attorney?

Only 46% of wealthy Americans surveyed have all three essential documents: a will, a living will or advance directive, and a durable power of attorney, according to Bank of America Private Bank’s 2026 Study of Wealthy Americans.

Method: Escalent, an independent research firm, ran an online survey for Bank of America Private Bank among 1,431 U.S. adults with at least $3 million in investable assets (excluding the primary residence), fielded January 8 to February 5, 2026. Source: [Bank of America, BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/06/bofa-study-finds-longevity-and-accelerating-wealth-transfer-are-.html) (2026).

### How many wealthy Americans have a trust?

55% of wealthy respondents have a trust, and 51% of those without one say they are likely to set one up, per Bank of America Private Bank (2026).

Only 33% say they understand trusts quite well. A California living trust is the usual way to avoid probate on a house, so the gap between owning a trust and understanding it matters. See [Is Your California Living Trust Actually Funded?](https://ridleylawoffices.com/is-my-living-trust-funded-california/) Method: Escalent, an independent research firm, ran an online survey for Bank of America Private Bank among 1,431 U.S. adults with at least $3 million in investable assets (excluding the primary residence), fielded January 8 to February 5, 2026. Source: [Bank of America, BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/06/bofa-study-finds-longevity-and-accelerating-wealth-transfer-are-.html) (2026).

### How many wealthy business owners inherited their business?

23% of wealthy business owners surveyed in 2026 inherited their business, compared with 11% in 2024 and 5% in 2022, according to Bank of America Private Bank.

Method: Escalent, an independent research firm, ran an online survey for Bank of America Private Bank among 1,431 U.S. adults with at least $3 million in investable assets (excluding the primary residence), fielded January 8 to February 5, 2026. The 2024 and 2022 figures come from the bank’s earlier editions of the study, as reported in the 2026 release. Source: [Bank of America, BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/06/bofa-study-finds-longevity-and-accelerating-wealth-transfer-are-.html) (2026).

### How many wealthy business owners have a documented succession plan?

78% of wealthy business owners say succession planning is important, but only 20% have a fully documented succession plan, per Bank of America Private Bank (2026).

Method: Escalent, an independent research firm, ran an online survey for Bank of America Private Bank among 1,431 U.S. adults with at least $3 million in investable assets (excluding the primary residence), fielded January 8 to February 5, 2026. Source: [Bank of America, BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/06/bofa-study-finds-longevity-and-accelerating-wealth-transfer-are-.html) (2026).

### How many ultra-wealthy families involve advisors in estate planning talks with heirs?

79% of ultra-high-net-worth individuals, defined as $25 million or more in investable assets, involve advisors in estate planning discussions with their heirs, per Bank of America Private Bank (2026).

The bank surveyed more than 1,400 respondents. Source: [Bank of America Private Bank, 2026 Study of Wealthy Americans](https://privatebank.bankofamerica.com/articles/study-of-wealthy-americans.html) (2026). For how families run these conversations, see [The Family Meeting Guide](https://ridleylawoffices.com/guides/family-meeting/).

### How many ultra-wealthy parents worry about their children’s motivation?

61% of ultra-high-net-worth respondents say they are concerned about their children’s motivation, per Bank of America Private Bank (2026).

Method: Escalent, an independent research firm, ran an online survey for Bank of America Private Bank among 1,431 U.S. adults with at least $3 million in investable assets (excluding the primary residence), fielded January 8 to February 5, 2026. Source: [Bank of America, BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/06/bofa-study-finds-longevity-and-accelerating-wealth-transfer-are-.html) (2026).

### How many advisory firms treat family meetings as a best practice?

89% of firms Cerulli surveyed in 2024 named family meetings and regular communication among family members as a key best practice.

Cerulli surveyed firms, not families. Source: [Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (2024).

The statistics describe averages. What your family inherits, owes or loses in probate depends on how title is held and whether a trust is funded. See [I Inherited Money in California: What Reddit Gets Wrong](https://ridleylawoffices.com/guides/inheritance-reddit/) or [The First 30 Days After a Death in California](https://ridleylawoffices.com/guides/first-30-days/).

Sources

- [Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (December 2024)
- [Bank of America Private Bank, 2026 Study of Wealthy Americans](https://privatebank.bankofamerica.com/articles/study-of-wealthy-americans.html) (June 2026)
- [Bank of America, BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/06/bofa-study-finds-longevity-and-accelerating-wealth-transfer-are-.html) (June 2026)
- [Federal Reserve Board, Distributional Financial Accounts, Distribution of Household Wealth in the U.S. since 1989](https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/) (data through the second quarter of 2026)
- [U.S. Census Bureau, American Community Survey 2024 1-Year Estimates, Tables S0101, B25007 and B25082](https://data.census.gov/table/ACSST1Y2024.S0101?g=040XX00US06) (September 2025)
- [California Department of Finance, Demographic Projections, Report P-1C](https://dof.ca.gov/forecasting/demographics/projections/) (Vintage 2026)

## Related pages on this site

- [Estate Planning Statistics and California Guides](https://ridleylawoffices.com/estate-planning-statistics-and-california-guides/)
- [California Probate Statistics (2026): 76 Verified Figures With Sources](https://ridleylawoffices.com/california-probate-statistics/)
- [How Many People Have a Will? Estate Planning Statistics and What They Really Mean](https://ridleylawoffices.com/california-will-statistics/)
- [California Estate Planning Numbers 2026: Probate, Estate Tax, and Medi-Cal Limits](https://ridleylawoffices.com/2026-california-estate-law-changes/)
- [California Living Trust Laws: The Sections That Matter](https://ridleylawoffices.com/california-living-trust-laws/)
- [How to File the Prop 19 Parent-Child Exclusion (California)](https://ridleylawoffices.com/how-to-file-prop-19-exclusion-california/)
- [Estate Planning That Keeps Your Family Out of Court](https://ridleylawoffices.com/estate-planning/)

## Methodology

We chose each source by asking who first published the number. Cerulli, Bank of America Private Bank, the Federal Reserve, the Census Bureau and the California Department of Finance each published their own figures, and each is linked above. News stories and secondary reports that repeat those figures were excluded, including coverage of the $124 trillion projection that does not link to Cerulli. The Bank of America and Cerulli figures are survey and modeling results, and the page states the method where it matters. The Federal Reserve figures were taken from the Distributional Financial Accounts file updated September 18, 2026. The American Community Survey figures are the 2024 1-year estimates, and the 2025 estimates were not yet available when we checked. Percentages and totals marked as Ridley Law’s arithmetic were computed by us from the published figures. We next review this page in January 2027. Report an error to eric@ridleylawoffices.com.