According to a new report by the research department of Bank of America, Generation Z (born between 1996 and 2010) is projected to become the wealthiest generation by 2035. It is predicted that their wealth will increase by approximately 720% between 2023 and 2040. The global income of Generation Z is expected to reach $36 trillion in the next five years and $74 trillion by 2040. Bank of America’s credit and cash card data indicate that the spending growth of Generation Z exceeds the population average. Despite challenging job market conditions, the wage growth for Generation Z was nearly 8% in February, double the overall average. Transferring wealth from the Baby Boomer generation to younger generations could also enhance the economic outlook for Generation Z.
