I found the following article recently published in the Sunday Telegraph by Ken Costa, seasoned investment banker and author, an interesting read and perspective re: inter-generational wealth transfer: Millennials and Gen Z are about to remake capitalism – but they need us Boomers.
The article is based on his book published on 28 Sept The 100 Trillion Dollar Wealth Transfer: How the Handover from Boomers to Gen Z Will Revolutionize Capitalism: Ken Costa: Bloomsbury Continuum
I've referenced below some of the introductory paragraphs and conclusion to give some context to the article/book.
Provides some relevant food for thought on how generations can cooperate etc. integrating social and ethical values with investment and overall generational wealth transfer. No doubt they'll be a few reviews in due course on the main tenants of the book, both supporters and detractors, but has anyone in the community read similar publications or the book itself?
In the next decades, the largest inter-generational handover of wealth ever will take place. This great wealth transfer, estimated at around $100 trillion (£820bn), will have global implications. In the UK alone, at least £5.5 trillion nearly three times our annual GDP – will be passed from my generation, the Baby Boomers, to Millennials (born between 1981 and 1996) and Gen Z (1997-2012).
How we hand this legacy over to these so-called "Zennials" has the power utterly to transform the way we live, moulding the global economy, and our political, social and even spiritual landscapes. Whether this upheaval is a renaissance and a second chance for a more enlightened capitalism, or a regression into a polarised and highly unstable state of global affairs, may well be the defining question of the next 10 years.
Now more than ever, it is imperative that we are open to each other's viewpoints, challenges, strengths, weaknesses – even fears. This is the key to unlocking the power of intergenerational collaboration and unleashing a hope-filled destiny into the world.
The clash of generations will then give way to a renewed, invigorated, sustainable, socially energised capitalism leading to unimaginable prosperity and productivity, social cohesion and generational respect. Surely that is a future we all wish to leave as our legacy?
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James Doyle
Director, Green Finance, Investment Management
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