As seen in Forbes Magazine and The Wall Street Journal, we are in the midst of the largest wealth transfer in history as boomers begin to pass. Canada is home to 9.2 million baby boomers, down 3.1% from 2016. In the United States, the current boomer population is 69.6 million. There, 2.6 million boomers die each year, with that figure expected to rise to over 4 million annually by 2050.  

Despite Millennials making up the largest portion of the workforce in both Canada and the U.S., baby boomers still hold the majority of the wealth in each country. In the U.S., boomers control over 53% of the wealth, with Gen X accounting for 25%, the silent generation holding 17%, and Millennials holding 4.6%. Over the next few decades, boomers are expected to hand down $68 trillion in assets in the U.S. In Canada, the average net worth of baby boomers is $1.2 million, the most of any generation. By 2026 alone, it is estimated that boomers will pass down $1 trillion in assets.

While the industry is certainly bleak, the future of estate planning and litigation remains bright. Canadian Millennials and Gen X’ers, the heirs of boomers, hold the highest debt-to-income ratios of any generation. These assets held by boomers may help to alleviate the debt that younger generations are bearing as they are passed down.

Thanks for reading, and have a great day, 

Ian Hull and Connor Dayton