Millennials are supposed to become “the richest generation in history.”

Boomers will soon begin passing on their wealth and possessions to their children – the Millennials. Through inheritance, this generation could accumulate enormous wealth of more than €80 trillion worldwide over the next 20 years.

This would make millennials, born between 1980 and 1995, “the richest generation in history.” This is what a new study conducted by the English real estate agency Knight Frank showed.

But this may also lead to a widening of the gap between the rich and the poor. Because: “Those who inherit often enjoy privileges beyond pure inheritance.” This is what Franziska Disselbacher of the Vienna University of Economics and Business says about the “benchmark”. This will include, for example, easy access to the education and internship system.

The Knight Frank study also highlights the growing gap between those who will inherit and those who will leave empty-handed. “There are many who inherit little, and few who inherit a lot,” Disselbacher says.

Those who will inherit tend to have more income up front – for example because they don't have to pay rent. This means they can save more.

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To combat these disparities, experts suggest imposing an inheritance tax. This way the money will be distributed better. There is such a tax in Switzerland, but not in Austria, for example.

However, the tax alone is not enough to solve the problems associated with inheritance and non-inheritance.