High-net-worth ( HNW ) families globally are accelerating the transfer of wealth to their heirs, posing significant implications for wealth distribution and financial markets, a new study finds.

“The great wealth transfer is underway,” says investment manager Capital Group, which organized the study, involving 600 HNW individuals across Europe, Asia Pacific and the United States, to explore their approach to inheritance use and their own succession planning. The study was conducted by Financial Times Longitude in February and March 2025.

Citing estimates from Cerulli Associates, Capital Group says the transfer of wealth amounts to around US$124 trillion, of which US$105 trillion will be going to heirs and the rest to charity between 2024 and 2048.

According to the study, almost half ( 47% ) of wealth holders inherited directly from their grandparents, a majority ( 55% ) having received between US$1 million and US$25 million. In Hong Kong, an even higher proportion ( 56% ) are inheriting directly from their grandparents than the global average.

“Trillions of dollars are estimated to be transferred from Baby Boomers across the US, Europe, and developed Asia to younger generations in coming decades,” says Guy Henriques, president, Europe and Asia Client Group, at Capital Group. “Millennials and Generation Z are receiving larger inheritances at a younger age and could benefit from a financial adviser’s market insights and long-term investment perspective.”

Millennials globally are more likely to turn to social media and “finfluencers” for investment advice when they inherit wealth ( 27% ) than to financial advisers ( 18% ), the study shows. About 65% of GenX and Millennial inheritors say they have regrets about how they used their inheritance money, with nearly two in five wishing they had invested more.

Other findings:

• 60% of global wealth holders are unhappy about the way they used their inheritance, with one-third regretting having underinvested. Compared to global findings, Hong Kong wealth holders are more likely to have second thoughts about how they used their inheritance ( 67% ), and a higher proportion ( 38% ) regret not investing.
• Inherited money is often sitting dormant or underutilized. On average, only 22% of inherited capital is invested in securities or mutual funds and 11% in a pension fund. Hong Kong inheritors invest less of their inheritance ( 29% ) than the global average ( 33% ).
• Three-quarters of wealth holders report challenges in communicating succession planning.
• 61% rely on lawyers and 49% on accountants to handle succession matters, while only about 15% use financial advisers.
• 79% will leave no specific wish on how inheritance must be used. Asia-Pacific inheritors are even more hands-off ( 82% ) in their succession planning.

“Our study reveals that most wealth holders wish they had used their inheritance differently and invested more. At Capital Group, our mission is to improve people's lives through successful investing. We believe that by considering investing some of their newly acquired capital, HNW individuals could achieve long-term wealth generation,” says Guy Henriques, president, Europe and Asia client group, at Capital Group.