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Millennials Will Become the ‘Richest Generation in History,’ a New Report Says

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Millennials Will Become the ‘Richest Generation in History,’ a New Report Says

It looks like millennials will be able to buy houses after all. 

Those born between 1980 and 1994 are set to become part of the richest generation in history, according to the latest Wealth Report by U.K. real estate agency Knight Frank. The group can expect a “seismic” windfall over the next two decades, as $90 trillion of assets move between generations in the U.S. alone.

“When the silent generation (born from 1925 to 1945), the baby boomers (1946 to 1964), and the oldest cohort of Generation X (1965 to 1979), die, £2.5 trillion (roughly $3.1 million) in wealth tied up in their homes will be freed up,” the report reads.

In addition to property, the shares, bonds, and assets previous generations have accumulated will go to millennials. This transfer of equity will make the generation wealthier than all their predecessors.

However, many millennials have been affected by the economic headwinds created by the 2007 financial crisis, the pandemic, Brexit, and the invasion of Ukraine. Some are riddled with economic anxiety and need to work multiple jobs to pay bills. As such, any influx of cash would likely be spent on buying homes, paying off student loans, creating a pension pot, and building credit. It is also worth pointing out that inheritance is largely determined by a family’s financial status, e.g. those with rich parents stand to gain the most.

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The massive transfer of wealth could have an equally massive impact on society. Liam Bailey, global head of research at Knight Frank, believes younger generations will actively seek out greener homes, eco-friendly goods, and sustainable investments. Given their track record, he could be right. Millennials and Gen Z are leading the charge in climate change activism, the Pew Research Center reports. Both are talking more about environmental issues than older adults, taking to social media to mobilize and enact change.

It appears the financial shift is already underway, too. Knight Frank’s research found that 75 percent of millennials expect their wealth to increase in 2024, compared to 53 percent in the baby boomer generation, 56 percent in gen X, and 69 percent in the younger gen Z.

The future is looking slightly brighter—for millennials, at least.

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Investors brace for a bigger backlash from Middle East war

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Investors brace for a bigger backlash from Middle East war
From being just a fringe risk, conflict in the Middle East has become a top worry for investors unsettled by the prospect of a power struggle in Iran and a protracted regional war, with ramifications for everything from global trade to inflation.
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Tel Aviv analyst shelters from 30 missile sirens in 48 hours, says Iran ‘won’t recover’

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Tel Aviv analyst shelters from 30 missile sirens in 48 hours, says Iran ‘won’t recover’

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The past 48 hours in Tel Aviv have been unlike anything seen before, a leading security analyst has said, as sirens blared amid missile threats following Operation Epic Fury and U.S.-Israeli strikes in Iran.

“We are facing a biblical event — nothing less,” Kobi Michael, a senior researcher at the Institute for National Security Studies and the Misgav Institute, told Fox News Digital, speaking from his shelter in the city.

Like many Israelis, Michael said he had spent hours in reinforced rooms during the ongoing barrage, adding that he was “very experienced in this.”

“But this all requires time and determination, and I do hope that Trump will also have them both,” he said, speaking shortly after the president released a video message stating that the military operation would continue “until all of our objectives are achieved.”

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Explosions from projectile interceptions by Israel’s Iron Dome missile defence system over Tel Aviv. (JACK GUEZ / AFP via Getty Images)

“Trump is the only one who can make the change — and that change will impact the entire region and the international order for years to come,” Michael added.

As of Sunday, Tel Aviv remained under a state of emergency following Iranian missile attacks that caused casualties and widespread damage.

According to The Associated Press, Iranian missile and drone strikes have killed approximately 11 Israeli civilians and wounded dozens more in retaliation for the U.S.-Israel strikes on Iran.

Shrapnel from missile impacts damaged at least 40 buildings in Tel Aviv, and authorities reported at least one death in the area from falling debris.

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The Philippine Embassy in Israel confirmed the death of a Filipino national after a missile strike hit Tel Aviv on Saturday.

TOMAHAWKS, B-2 STEALTH BOMBERS AND ATTACK DRONES POUND OVER 1,000 IRANIAN TARGETS IN 24-HOUR BLITZ

People take shelter as Iran launched missiles and drones towards Israel following the US-Israeli attacks. ( Mostafa Alkharouf/Anadolu via Getty Images)

“We enter our shelter once the siren is heard and stay there until the Home Front Command announces that we can leave,” Michael said.

“Usually, it is about 20 to 30 minutes — unless there are further sirens during our stay. Since yesterday morning, it has happened around 30 times.”

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Israel’s President Isaac Herzog also visited an impact site in Tel Aviv Sunday, delivering a message of resilience.

“The people of Israel and the people of Iran can live in peace. The region can live in peace. But what undermines peace time and again is terror instigated by this Iranian regime,” Herzog said.

EXILED IRANIAN CROWN PRINCE SAYS US STRIKES MARK ‘BEGINNING OF THE VERY END’ FOR REGIME

Israeli emergency service officer walks past building debris at the scene of a Iranian missile attack. (Ahmad GHARABLI / AFP via Getty Images)

Following the reported killing of Iran’s Supreme Leader Ayatollah Ali Khamenei and roughly 40 senior Iranian officials, Iran formed a provisional leadership council.

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Iran named Ayatollah Alireza Arafi, President Masoud Pezeshkian and Judiciary Chief Gholam-Hossein Mohseni-Eje’i to lead roles.

“The Supreme Leader did not complete the necessary groundwork regarding his own succession,” Michael added.

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“Pezeshkian will face very troubling challenges due to their heavy losses, severe disruptions to control and command systems, and the massive bombing and attacks across Iran, including Tehran,” he said.

“Even if this regime doesn’t collapse, it will never be able to reconstitute itself, recover or return to its previous position,” Michael added.

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Israel FM says Europe too divided, slams Spanish PM

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Israel FM says Europe too divided, slams Spanish PM

Israeli minister Gideon Sa’ar said Europe “does not have unified position” on what role it should play in Iran as European ministers sought to establish a joint approach Sunday.

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As Israel and the United States conducted a joint military strike on Iran, leading to the killing of Supreme Leader Ayatollah Ali Khamenei, Europe was kept on the sidelines.

EU member states did not participate in the operation and, in some cases, they were not informed prior as it is customary among strategic allies.

Asked whether Israel sought to keep Europe on the margins, Sa’ar said internal divisions within EU member states had kept them out of critical exchanges of operational details, unlike the United States, which the minister described as his country’s greatest ally.

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“In Europe, you have all kinds of approaches,” he told Euronews. “You have countries like the Czech Republic which is strongly supporting this operation and then you have Spain, which is standing with all the tyrants of the world.”

On Saturday, Spanish prime minister Pedro Sánchez was among the most critical voices in Europe, suggesting the US-Israeli strikes on Iran risk plunging the region into total war.

“We reject the unilateral military action of the United States and Israel, which represents an escalation and contributes to a more uncertain and hostile international order,” Sánchez said Saturday. The Spanish PM reiterated that message on Sunday.

“We urge for de-escalation and call to respect international law in all conflicts,” Sánchez added. “You can be against a heinous regime, like the Iranian regime, while also rejecting a military intervention that is unjustified, dangerous and outside of international law.”

Sa’aar said Israel considers the operation “fully justified” citing the right to self-defense from a regime that “has called for the destruction of Israel” and lashed at the Spanish prime minister for sending an “anti-Israeli, anti-American message.”

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“Read the statement, they are standing with Iran!” he added.

When asked if any of his European counterparts had manifested an interest in joining the military operation or provide support on the ground, Sa’ar said he held multiple exchanges with European ministers over the weekend and suggested that “if others want to join, they will know have to convey the message.”

On Sunday, Commission President Ursula von der Leyen appeared to back regime change in Iran in line with Israel and the US, saying that the “risk of further escalation is real. This is why a credible transition in Iran is urgently needed” in comments on Sunday.

Sa’ar told Euronews said the strategic strikes and the elimination of Khamenei alongside top regime commanders could “create the conditions to weaken the regime enough to allow the Iranians to take their future into their own hands”.

“The future leadership of Iran should be determined by the Iranian people through free elections. Our only requirement is that whoever comes to power in Iran must not pursue the destruction of Israel,” he said.

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Watch the full interview on Euronews from 8pm CET

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