In the first quarter of 2024, 51.8 percent of the total wealth in the United States was owned by members of the baby boomer generation. In comparison, millennials own around 9.4 percent of total wealth in the U.S. In terms of population distribution, there is almost an equal share of millennials and baby boomers in the United States.

Inequality in family wealth is high, yet we know little about how much and how wealth inequality is maintained across generations. We argue that a long-term perspective reflective of wealth’s cumulative nature is crucial to understand the extent and channels of wealth reproduction across generations. Using data from the Panel Study of Income Dynamics that span nearly half a century, we show that a one decile increase in parental wealth position is associated with an increase of about 4 percentiles in offspring wealth position in adulthood. We show that grandparental wealth is a unique predictor of grandchildren’s wealth, above and beyond the role of parental wealth, suggesting that a focus on only parent-child dyads understates the importance of family wealth lineages. Second, considering five channels of wealth transmission — gifts and bequests, education, marriage, homeownership, and business ownership — we find that most of the advantages arising from family wealth begin much earlier in the life-course than the common focus on bequests implies, even when we consider the wealth of grandparents. We also document the stark disadvantage of African-American households in terms of not only their wealth attainment but also their intergenerational downward wealth mobility compared to whites.

A growing body of research documents the importance of wealth and the racial wealth gap in perpetuating inequality across generations. We add to this literature by examining the impact of wealth on child income. Our two stage least squares regressions reveal that grandparental and parental wealth have an important effect on the younger generation’s stock (first stage results), which in turn affects the younger generation’s household income (second stage results). We further explore the relationship between income and wealth by decomposing the child’s income by race. We find that the intergroup disparity in income is mainly attributable to differences in family background. These findings indicate that wealth is an important source of income inequality.

In the third quarter of 2024, the top ten percent of earners in the United States held over ** percent of total wealth. This is fairly consistent with the second quarter of 2024. Comparatively, the wealth of the bottom ** percent of earners has been slowly increasing since the start of the *****, though remains low. Wealth distribution in the United States by generation can be found here.

We use Danish Register Data to examine intergenerational rank-rank correlations in net wealth and gross housing wealth by child age and parental income. Our results indicate that gross housing wealth correlations are more stable by child age than are net wealth correlations, which we argue is due to a downward bias in net wealth correlations from transitory debt. Intergenerational housing wealth correlations also are larger for lower-income families, while net wealth correlations do not vary much across the income distribution. Finally, we show that intergenerational net wealth and gross housing wealth correlations move in opposite directions across the income distribution.

The effects of direct and indirect taxation and benefits received in cash or kind on household income, across the generations and by age.

This data is estimated by combining multiple years of the Living Costs and Food Survey from 1978 to financial year ending March 2017 and the Household Finances Statistics, from financial year ending 2018 to financial year ending 2021 with the exception of 1979 and 1981. All financial amounts are adjusted for inflation using the Consumer Prices Index including owner occupiers’ housing costs (CPIH) excluding Council Tax, to their financial year ending March 2018. For example, the mean disposable income for those aged 35 and born in the 1970’s (£35,752) is estimated by taking the average (in real terms) of the household disposable income for these people across the combined dataset.

Income quintiles are assigned based on equivalized household disposable income, which takes into account differences in household size and composition using a method proposed by the Organization for Economic Co-operation and Development (OECD). The OECD-modified" equivalence scale assigns a value of 1 to the first adult Age groups refer to the age group of the major income earner. Housing tenure of household Refers to the main source of income for the household, either from wages and salaries, self-employment income, net property income, current transfers received related to pension benefits, or from other current transfers received from non-pension related sources (others). Distributions by generation are defined as follows and are based on the birth year of the major income earner : pre-1946 for those born before 1946, baby boom for those born between 1946 and 1964, generation X for those born between 1965 and 1980 and millennials for those born after 1980. Note that generation Z has been combined with the millennial generation as their sample size is relatively small.

In the first quarter of 2025, almost two-thirds percent of the total wealth in the United States was owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned 2.5 percent of the total wealth. Income inequality in the U.S. Despite the idea that the United States is a country where hard work and pulling yourself up by your bootstraps will inevitably lead to success, this is often not the case. In 2023, 7.4 percent of U.S. households had an annual income under 15,000 U.S. dollars. With such a small percentage of people in the United States owning such a vast majority of the country’s wealth, the gap between the rich and poor in America remains stark. The top one percent The United States was the country with the most billionaires in the world in 2025. Elon Musk, with a net worth of 342 billion U.S. dollars, was among the richest people in the United States in 2025. Over the past 50 years, the CEO-to-worker compensation ratio has exploded, causing the gap between rich and poor to grow, with some economists theorizing that this gap is the largest it has been since right before the Great Depression.

Graph and download economic data for Net Worth Held by the Top 0.1% (99.9th to 100th Wealth Percentiles) (WFRBLTP1246) from Q3 1989 to Q1 2025 about net worth, wealth, percentile, Net, and USA.

This dataset encompasses the foundations and findings of a study titled "Housing Wealth Distribution, Inequality, and Residential Satisfaction," highlighting the evolution of residential properties from mere consumption goods to significant assets for wealth accumulation. Since the 1980s, with financial market deregulation in the UK, there has been a noticeable shift in homeownership patterns and housing wealth's role. The liberalisation of the banking sector, particularly mortgage lending, facilitated a significant rise in homeownership rates from around 50% in the 1970s to over 70% in the early 2000s, stabilizing at 65% in recent years. Concurrently, housing wealth relative to household annual gross disposable income has seen a considerable increase, underscoring the growing importance of residential properties as investment goods. The study explores the multifaceted impact of housing wealth on various aspects of life, including retirement financing, intergenerational wealth transfer, health, consumption, energy conservation, and education. Residential satisfaction, defined as the overall experience and contentment with housing, emerges as a critical factor influencing subjective well-being and labor mobility. Despite the evident influence of housing characteristics, social environment, and demographic factors on residential satisfaction, the relationship between housing wealth and satisfaction remains underexplored. To bridge this gap, the research meticulously assembles data from different surveys across the UK and the USA spanning 1970 to 2019, despite challenges such as data compatibility and measurement errors. Initial findings reveal no straightforward correlation between rising house prices and residential satisfaction, mirroring the Easterlin Paradox, which suggests that happiness levels do not necessarily increase with income growth. This paradox is dissected through the lenses of social comparison and adaptation, theorizing that relative income and the human tendency to adapt to changes might explain the stagnant satisfaction levels despite increased housing wealth. Further analysis within the UK context supports the social comparison hypothesis, suggesting that disparities in housing wealth distribution can lead to varied satisfaction levels, potentially exacerbating societal inequality. This phenomenon is not isolated to developed nations but is also pertinent to developing countries experiencing rapid economic growth alongside widening income and wealth gaps. The study concludes by emphasizing the significance of considering housing wealth inequality in policy-making, aiming to mitigate its far-reaching implications on societal well-being.Although China has almost eliminated urban poverty, the total number of Chinese citizens in poverty remains at 82 million, most of which are rural residents. The development of rural finance is essential to preventing the country from undergoing further polarization because of the significant potential of such development to facilitate resource interflows between rural and urban markets and to support sustainable development in the agricultural sector. However, rural finance is the weakest point in China's financial systems. Rural households are more constrained than their urban counterparts in terms of financial product availability, consumer protection, and asset accumulation. The development of the rural financial system faces resistance from both the demand and the supply sides. The proposed project addresses this challenge by investigating the applications of a proven behavioural approach, namely, Libertarian Paternalism, in the development of rural financial systems in China. This approach promotes choice architectures to nudge people into optimal decisions without interfering with the freedom of choice. It has been rigorously tested and warmly received in the UK public policy domain. This approach also fits the political and cultural background in China, in which the central government needs to maintain a firm control over financial systems as the general public increasingly demands more freedom. Existing behavioural studies have been heavily reliant on laboratory experiments. Although the use of field studies has been increasing, empirical evidence from the developing world is limited. Meanwhile, the applications of behavioural insights in rural economic development in China remains an uncharted territory. Rural finance studies on the household level are limited; evidence on the role of psychological and social factors in rural households' financial decisions is scarce. The proposed project will bridge this gap in the literature. The overarching research question of this project is whether and how behavioural insights can be used to help rural residents in China make sound financial decisions, which will ultimately contribute to the sustainable economic development in China. The research will be conducted through field experiments in rural China. By relying on field evidences, the project team will develop policy tools and checklists for policy makers to help rural households make sound financial decisions. Two types of tools will be developed for policy makers, namely, "push" tools that aim to achieve short-term policy compliance among rural households so that they can break out of the persistent poverty cycle and "pull" tools that can reduce fraud, error, and debt among rural households to prevent them from falling back into poverty. Finally, the project team will also use the research activities and findings as vehicles to engage and educate rural residents, local governments, regulators, and financial institutions. Standard and good practice will be proposed to interested parties for the designs of good behavioural interventions; ethical guidelines will be provided to encourage good practice. This important step ensures that the findings of this project will benefit academia and practice, with long-lasting, positive impacts. The findings will benefit researchers in behavioural finance and economics, rural economics, development economics, political sciences, and psychology. The findings of and the engagement in this project will help policy makers to develop cost-effective behavioural change policies. Rural households will benefit by being nudged into sound financial decisions and healthy financial habits. The project will provide insights on how to leverage behavioural insights to overcome persistent poverty in the developing world. Therefore, the research will be of interest to communities in China and internationally. The data were retrived from the British Household Panel Survey (BHPS) between 1997 and 2008, when both residential satisfaction scores and home valuations are available.

ABSTRACT This study investigates the association between SEW and EO, considering the moderating role of the generation that is involved in family businesses, considering that EO might benefit from the entrepreneurial and affective attitudes of the first generations. We collected a survey with a final sample of 107 family firms from the textile and clothing manufacturing industry in Brazil. As data analyses, we employed variance-based structural equation modeling using SmartPLS. Our results provide evidence that SEW is positively associated with EO’s three dimensions: innovativeness, proactiveness, and risk-taking; however, we only found a moderation effect of the generational stage for the relationship between SEW and innovativeness and risk-taking. We show that a high SEW effect on risk-taking is stronger for family firms in later generations than first generations. For higher levels of innovativeness, the level of SEW seems to be relevant only for later-generation family firms. We contribute to the literature on EO antecedents focusing on SEW and the differences in the generational stages. This study also provides insights into how family firms can nurture EO during different generational stage developments, considering family-centric nonfinancial goals.

Kendall’s tau by comparing the child’s wealth to their father’s wealth at each period, using the linked dataset.

This data collection comprises interview transcripts from Tokyo (34), Shanghai(36) and Hong Kong(27). Rising home ownership rates, volatile property markets and deregulated financial systems are increasingly important ingredients in the shaping of advantage and opportunity in contemporary societies. This cross-national, comparative research examines how the role of housing assets influences relationships within the family and across generations in East Asian societies. The different pattern and pace of economic and social change mean that the distribution of housing wealth may vary substantially across societies in the region. In some countries, it is an older generation of home owners which has benefited from extraordinary levels of house price inflation. In other countries, it is a younger, emergent middle class which is accumulating housing wealth on a scale far removed from the experiences of their parents and grandparents. The fieldwork was conducted in three dynamic cities in East Asia. The research will involve interviews with three generations (grandparents, parents and adult children) in 12 families in each city; and will highlight how work, entry to home ownership, and asset accumulation play out over the life course.

R-Workspace containing two customized functions for plotting,

- grid_arrange_shared_legend taken from: https://github.com/tidyverse/ggplot2/wiki/Share-a-legend-between-two-ggplot2-graphs

- multiplot taken from: http://www.cookbook-r.com/Graphs/Multiple_graphs_on_one_page_%28ggplot2%29/

#

and three data.frames:

- mdat: Raw data of mothers, includimng founder generation (N = 15961, extracted from the Krummhörn pedigree containing 74639 individuals)

- mdat0: Study sample including only mothers with minimum pedigree depth of 4 (N = 6447)

- mdat1: Data set of mothers for which all grandparents of them and their partner(s) are known (N = 2321)

with the variables:

$ momid : num ID of mother

$ incl : num 1 if included in data set of known mothers, otherwise 0

$ SES : Factor for socioeconomic status (4 levels: "Unknown", "Landless", "small to medium scale farmers", "large scale farmers")

$ minByear : num Birth year of 1st born child

$ maxByear : num Birth year of last born child

$ minDepth : num Pedigree depth as the generation number of known ancestors

$ Fmean : num Inbreeding coefficient F (as calculated by pedigree::calcInbreeding())

$ cons : num 1 if consanguineous (i.e. F>=0.0156), otherwise 0

$ cousMarr : num 1 if in 1st cousin marriage (i.e. F~0.0625), otherwise 0

$ consanguinity : Factor for consanguinity (3 levels: "low (<0.0156)", "medium (>=0.0156)", "high (1st cousins)")

$ docGrasenMean : num Mean number of grasen within a mother's founded families

$ eltnrfGrasenMean : num Number of grasen within the mother's family-of-origin

$ eltnrmGrasenMean : num Mean number of grasen within the mother's partner(s)' family/ies-of-origin

$ mlocal : chr Code of the Kirchspiel, in which the mother was first married

$ decade : Factor fot the decade in which the mother's first marriage occured (28 levels)

$ cross : num 1 if identified as cross-cousin marriage, otherwise 0

$ paral : num 1 if identified as parallel cousin marriage, otherwise 0

IIMMLA was supported by the Russell Sage Foundation. Since 1991, the Russell Sage Foundation has funded a program of research aimed at assessing how well the young adult offspring of recent immigrants are faring as they move through American schools and into the labor market. Two previous major studies have begun to tell us about the paths to incorporation of the children of contemporary immigrants: The Children of Immigrants Longitudinal Study (CILS), and the Immigrant Second Generation in New York study. The Immigration and Intergenerational Mobility in Metropolitan Los Angeles study is the third major initiative analyzing the progress of the new second generation in the United States. The Immigration and Intergenerational Mobility in Metropolitan Los Angeles (IIMMLA) study focused on young adult children of immigrants (1.5- and second-generation) in greater Los Angeles. IIMMLA investigated mobility among young adult (ages 20-39) children of immigrants in metropolitan Los Angeles and, in the case of the Mexican-origin population there, among young adult members of the third- or later generations. The five-county Los Angeles metropolitan area (Los Angeles, Orange, Ventura, Riverside and San Bernardino counties) contains the largest concentrations of Mexicans, Salvadorans, Guatemalans, Filipinos, Chinese, Vietnamese, Koreans, and other nationalities in the United States. The diverse migration histories and modes of incorporation of these groups made the Los Angeles metropolitan area a strategic choice for a comparison study of the pathways of immigrant incorporation and mobility from one generation to the next. The IIMMLA study compared six foreign-born (1.5-generation) and foreign-parentage (second-generation) groups (Mexicans, Vietnamese, Filipinos, Koreans, Chinese, and Central Americans from Guatemala and El Salvador) with three native-born and native-parentage comparison groups (third- or later-generation Mexican Americans, and non-Hispanic Whites and Blacks). The targeted groups represent both the diversity of modes of incorporation in the United States and the range of occupational backgrounds and immigration status among contemporary immigrants (from professionals and entrepreneurs to laborers, refugees, and unauthorized migrants). The surveys provide basic demographic information as well as extensive data about socio-cultural orientation and mobility (e.g., language use, ethnic identity, religion, remittances, intermarriage, experiences of discrimination), economic mobility (e.g., parents' background, respondents' education, first and current job, wealth and income, encounters with the law), geographic mobility (childhood and present neighborhood of residence), and civic engagement and politics (political attitudes, voting behavior, as well as naturalization and transnational ties).

Replication package for the following article:Mitnik, Pablo. Forthcoming. "Inequality of Opportunity, Income Mobility, and the Interpretation of Intergenerational Elasticities, Correlations and Rank-Rank Slopes." Sociological Methods and Research.

According to a survey conducted in early May 2024, over ** percent Gen Z and millennial shoppers in the United Kingdom had traded down when purchasing a product in the past 3 months. In other words, these consumers had bought less valuable or lower-priced items, e.g., by shopping at a lower-priced retailer. In comparison, only just over **** of baby boomers and the silent generation had done the same.

Graph and download economic data for Households; Net Worth, Level (BOGZ1FL192090005Q) from Q4 1987 to Q1 2025 about net worth, Net, households, and USA.

According to Cognitive Market Research, the global Family Offices market size will be USD 19251.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 7700.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 5775.45 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 4427.85 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 962.58 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 385.03 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
Financial Planning stands out as the dominant service type. This category has established its leadership due to the essential role it plays in helping families manage their wealth effectively over the long term

Market Dynamics of Family Offices Market

Key Drivers for Family Offices Market

Increasing Global Wealth and High-Net-Worth Individuals (HNWIs)

The swift rise in global wealth, especially among ultra-high-net-worth individuals, is driving the demand for family offices. These organizations provide customized wealth management, estate planning, and succession strategies. As more families aim to maintain and enhance generational wealth, the formation of both single and multi-family offices is expanding on a global scale.

Escalating Demand for Customized Financial Planning and Governance

Family offices deliver highly personalized solutions that correspond with a family’s unique values, risk appetite, and long-term objectives. Ranging from philanthropy to investment diversification, families favor individualized control over their financial destinies. This growing inclination for active wealth governance significantly contributes to the market expansion within the family office sector.

Restraint Factor for the Family Offices Market

High Operational and Setup Costs

Establishing a family office necessitates significant financial investment, which includes infrastructure, compliance personnel, and investment experts. These elevated setup and ongoing maintenance expenses frequently restrict adoption to extremely wealthy families. Even among potential clients, the cost-benefit analysis can dissuade those who might otherwise contemplate creating or expanding their own family office.

Regulatory Complexity and Compliance Risks

Family offices function under heightened scrutiny and must navigate a variety of regulatory frameworks across different jurisdictions. Tax compliance, investment transparency, and data privacy regulations impose operational challenges. Changing regulations can put a strain on resources and elevate risk, complicating the ability of family offices to sustain efficient and compliant operations on a global scale.

Key Trends for the Family Offices Market

Shift Toward Direct Investments and Private Equity

Family offices are progressively shifting away from conventional asset management towards direct investments, especially in startups, private equity, and real estate. This movement provides enhanced control, reduced fees, and a stronger alignment with family values. It signifies a desire for increased influence over investment choices and long-term outcomes.

Adoption of ESG and Impact Investing

Environmental, Social, and Governance (ESG) factors are becoming integral to family office strategies. Many are aligning their portfolios with philanthropic objectives and sustainability pledges. The growing influence of younger, socially-aware family members is driving interest in impact investing, thereby shaping the future investment priorities of family offices.

Impact of Covid-19 on the Family Offices Market

The COVID-19 pandemic had a notable impact on the Family Offices Market, accelerating the shift toward more agile and diversified investment strategies. During...

This is the data utilized for the analysis for the study title "Acceptability, feasibility, and efficacy of Combination income-generation HIV risk-reduction intervention for in-school adolescent girls in Nigeria: A Quasi-experiment". Study Abstract is provided below: Background: There has been increasing interest in equipping adolescent girls and women with economic assets to reduce their vulnerabilities and risk to HIV . To our knowledge, however, there is a lack of empirical evidence on the implementation of HIV prevention interventions that combine income-generating activities for adolescent girls in Nigeria. This study examined the acceptability, feasibility and efficacy of a theory-based combination income-generating HIV prevention intervention designed to promote risk-reduction intentions and efficacy among adolescent girls in Nigeria. Methods: The intervention was guided by the asset, social cognitive, and empowerment theories. In a quasi-experimental design, participants who received a combination HIV prevention intervention (4 sessions of HIV risk-reduction education + jewelry micro-enterprise training + youth development micro-credit for jewelry micro-enterprise) (n=142) were compared to participants who received HIV risk-reduction education only (n=177). Data were collected using a self-administered questionnaire at baseline (T0) , immediately after intervention completion (T1), and six months post-intervention (T2). A multi-level regression was conducted to examine the intervention effect on study outcomes. Focus group discussions were conducted to examine intervention acceptability. Results: Participants in the intervention group showed a significant increase in safe sex efficacy and reductions in sexual risk-taking intentions (both P<0.05) over time compared to the comparison group. Feedback from focus group discussions suggested that the intervention was acceptable and appropriate to address HIV risk-reduction among adolescent girls in Nigeria. Although less than 70% of participants were retained at T2, the intervention was moderately feasibility, as assessed by the success in participant recruitment and retention at T1. Conclusions: Promoting combination income-generating HIV prevention intervention among adolescent girls in Nigeria may help promote HIV risk reduction by increasing safe sex self-efficacy and reducing sexual risk-taking intentions.