Millennials Poised to Become Wealthiest Generation

Millennials Poised to Become Wealthiest Generation

The Richest Generation in History: Why Wealthy Millennials Need a Plan B Passport

Millennials and the Great Wealth Transfer

Millennials are poised to become the "richest generation in history" as they rapidly accumulate wealth and close the gap with preceding generations. A recent study from the New York Federal Reserve found that American adults under 40 have witnessed their assets grow by an impressive 80% since 2019 - a rate that far outpaces the 30% and 10% increases seen by baby boomers and Gen X, respectively.

In real terms, this means millennial wealth has surged from $5 trillion to $8.9 trillion, now representing almost 7% of America's total wealth. This unexpected shift in economic trends can be attributed to two key factors:

  1. The early onset of the Great Wealth Transfer: The unfortunate consequences of the COVID-19 pandemic have accelerated the intergenerational transfer of wealth, with inheritable assets transitioning to millennials earlier than anticipated.

  2. Millennial investment preferences: Millennials have become significant players in the stock market, with a preference for tech stocks and a higher tolerance for risk compared to previous generations. The surge in the S&P 500 to record highs in 2024 has further bolstered millennial portfolios.

As millennials continue to amass wealth and become a more influential force in the global market, it is essential that they consider the broader landscape of financial security and global opportunities. Relying solely on a single domestic market and traditional assets may not suffice in an era marked by political and economic uncertainties.

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Why Wealthy Millennials Should Invest in a Plan B Strategy

In an era of global interconnectedness and economic volatility, millennials should be looking beyond traditional investments and borders to safeguard their future. One of the most effective contemporary investment diversification and Plan B strategies available is the acquisition of a second citizenship and residency in another country.

The advantages, security, status, and benefits of a Plan B passport portfolio for wealthy millennials are unparalleled. From personal sovereignty and global banking to asset diversification and enhanced retirement planning, a passport portfolio can fortify financial standing and enable generational wealth.

Obtaining a second citizenship and passport represents the acquisition of an alternative legal identity. This allows individuals to choose which identity they want to use for a variety of purposes, including:

  • Traveling: Accessing countries that may be restricted or difficult to enter with a single passport.
  • Banking: Leveraging the global banking advantages offered by certain countries, such as favorable tax regimes or enhanced privacy.
  • Conducting business: Signing contracts and engaging in commercial activities under a different legal identity.
  • Residing in a third country: Enjoying the benefits and privileges of citizenship in a country other than one's country of origin.

Global Banking Advantages

In an era of global markets, having a second citizenship allows millennials to diversify their wealth management strategies. Most banks outside the United States, for example, will not deal with United States citizens or those holding a US passport. By using an alternative legal identity - a Plan B passport and thus a non-US identity - these banks will open their doors to you.

Additionally, some countries offer favorable tax regimes, such as Non-Dom Tax Programs, which can lower tax exposure to income, capital gains, dividends, wealth, and inheritance. Millennials can optimize their tax posture and retain more of their earnings by strategically leveraging their citizenship.

For British non-doms, Greece and Cyprus provide an unparalleled replacement to the loss of their UK non-dom status - pending April 2025. St. Kitts and Nevis, a world-renowned offshore banking hub, also offers citizenship that can be leveraged to capitalize on the power of offshore banking while benefiting from enhanced privacy and confidentiality protections.


Diversification is a foundation tenet for a healthy portfolio, and securing a second citizenship or additional residencies can facilitate global diversification. Economic downturns, inflation, and currency devaluation constantly threaten wealth preservation, and diversifying investments and assets globally can protect against single-market economic challenges and regulations.

With a second citizenship or residency, millennials can tap into high-growth markets by investing in local real estate, businesses, equity funds, and other lucrative sectors in their country of choice. This helps to ensure a more stable financial foundation and mitigate the risks associated with relying solely on their domestic market.

Retirement Planning and Strategy

Today, the oldest millennials are just over 20 years from retirement age. While that may seem like plenty of time left to go, a sound and reliable retirement strategy requires decades to mature fully. Potential shifts towards higher taxes on the wealthy and unpredictable political decisions can create an unstable environment for investors.

For example, in the US, President Biden has already committed his administration to a "billionaire tax" if he is re-elected in November 2024. Furthermore, the US and the UK have been transforming in ways that many no longer believe is representative of their values, with changes that can take decades to reverse.

With a Plan B passport, millennials can hedge against these uncertainties and eliminate the waiting by gaining access through more stable jurisdictions that provide it—perfect for retirement. Beyond political stability, healthcare rights and access, as well as overall quality of life, are driving factors for all retirees. Fortunately, most countries with citizenship and Golden Visa programs also offer some of the highest medical standards and accessibility to the best healthcare in the world.

Astons - Partnering with Millennials to Secure the Great Wealth Transfer

As millennials continue to amass wealth and become a more significant player in the global market, it's essential they consider the broader landscape of financial security and global opportunities. Relying solely on a single domestic market and traditional assets may not suffice in an era marked by political and economic uncertainties.

Investing with a Plan B mentality and strategy is not only sound contemporaneously, but is investing with a vision for the future. Passport portfolios offer millennials a proactive, strategic means of safeguarding the financial future of not only themselves but also their entire family—including future generations.

Plan B residencies and citizenship provide access to:

  • Global banking advantages
  • Optimized tax postures
  • Alternative legal identities
  • Effective retirement planning
  • Greater privacy and security personally, professionally, and financially

Moreover, this Plan B strategy facilitates investment diversification across international markets and currencies, providing a robust hedge against domestic challenges.

In today's world, wealth management is not just a matter of capital accumulation but of self-preservation – in every way that matters to the investor. A Plan B passport is a forward-thinking move that aligns with this generation's global mindset, financial prosperity, and stability no matter what the future holds.

But, it also requires making informed, strategic decisions, and that is where partnering with Astons is invaluable. As a leading provider of citizenship and residency solutions, Astons can guide millennials through the process of building a comprehensive Plan B passport portfolio that safeguards their wealth and secures their financial future.

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