Currently, millennials and Generation Z make up just 8% of this elite group, while baby boomers command 45% and those born before 1945 represent 22%. The great wealth transferAltrata predicts that by 2040, millennials and Gen Z will account for more than a third of ultra-wealthy individuals. For millennials and Gen Z, hospitality, entertainment, and technology are key drivers, while baby boomers are more heavily represented in banking and finance. Spending patterns and lifestyle choicesYounger ultra-wealthy individuals also differ in how they allocate their resources. Unlike older generations who may downsize, millennials and Gen Z are in acquisition mode, investing in first homes, vacation properties, and luxury goods.