Longevity, private markets and inherited firms reshape wealth planning, study finds
America's richest households are rewriting the rules of wealth planning, leaning harder into private markets, rethinking how long their money needs to last, and watching family businesses change hands at a pace not seen in years.
Living longer is no longer a footnote in retirement conversations as more than 90% of respondents to a new survey said longevity is now a key factor shaping how they plan their finances. The study found that conversations about life expectancy already rank among the most common topics wealthy clients raise with their advisors.
Bank of America Private Bank's 2026 Study of Wealthy Americans polled more than 1,400 people aged 21 and over with at least $3 million in investable assets, as the US moves through what is expected to be a $124 trillion intergenerational wealth transfer, with annual transfers from baby boomers projected to climb to nearly $5 trillion by 2048.
Most respondents from the Boomer and Silent generations said they would stick to their existing transfer timelines even if they needed to make longevity related adjustments elsewhere in their plans.
Private markets gain
Confidence in private markets is running high among the very wealthy.
Among investors with $25 million or more in investable assets, 77% said they believe private markets can generate stronger returns than public ones, a view that is feeding continued appetite for alternative investments across the wealth spectrum.
Younger investors are taking that conviction further. Among Gen Z and millennial respondents, 67% said they no longer believe traditional stocks and bonds can deliver above average returns. That skepticism is translating into portfolio changes, with younger investors allocating an average of 15% to alternatives and 13% to cryptocurrency, a notably different mix from older generations.
Family businesses
Inheritance, not acquisition, is increasingly how wealthy Americans come to own a business.
The study found 23% of wealthy business owners now say they inherited their company, up sharply from just 5% in 2022, while the share who purchased their business has fallen over the same period.
Many of those who inherited a business say they have no current plans to step away from it, though most still expect to eventually sell or pass it on to family members.
The businesses themselves are also leaning less on personal and family money to get started or stay running, with funding from those sources dropping from 66% in 2022 to 47% this year as owners turn increasingly to external financing alongside their own capital.
Succession planning
Despite the rising number of inherited businesses, formal preparation for the next handover remains thin. The study found 78% of wealthy business owners consider succession planning important to their overall wealth strategy, yet only 20% have a fully documented plan in place.
That gap shows up in estate planning more broadly too. Among ultra-high-net-worth individuals, those with $25 million or more, 79% already involve their advisors in estate planning discussions with their heirs, and 36% say their heirs are well prepared for what they will inherit.
Even so, 61% admitted concern that inherited wealth could dull their heirs' personal drive to succeed, prompting some to write conditions into trusts, support heirs' own business ventures, or simply keep the full scale of family wealth private.
Borrowing rises
Borrowing is increasingly part of how wealthy families manage the transfer itself and one in five wealthy individuals overall said they use credit strategically, a figure that rises to 52% among the ultra-wealthy.
Almost one in four of those with $10 million or more in assets said they have used credit specifically to support generational wealth transfer, alongside more common uses such as funding major purchases and maintaining liquidity without having to sell assets.
