arts
The massive boomer wealth transfer will mostly benefit the already affluent, Visa report finds
By Megan Cerullo at CBS4 Miami
· July 17, 2026
· 2 min read
The so-called "great wealth transfer" — the passing of assets from the baby boomer generation to their heirs — will mostly benefit younger Americans who are already affluent, according to a July report from Visa Business and Economic Insights.And while the wealth transfer will be signifi
Key takeaway "When people throw around $100 trillion, they don't think about all the deductions that have to come from it," Visa chief economist Wayne Best told CBS News.
Why this matters in The Miami
In Miami , where the cost of living is already high, the wealth transfer from baby boomers to their heirs is likely to further exacerbate income inequality. The city's affluent neighborhoods, such as Brickell and Miami Beach, may see an influx of new wealth, as younger Americans who are already wealthy inherit even more assets. This could lead to increased spending on luxury goods and services, such as high-end home improvements and travel, which could benefit local businesses in those sectors. However, for many Miamians who are struggling to make ends meet, the wealth transfer may have little to no impact, and could even make it more difficult for them to afford basic necessities like housing and transportation. As the wealth gap in Miami continues to grow, it will be important to monitor how the city's economy and housing market are affected by this transfer of wealth.
About this story
Original reporting by CBS4 Miami . The Miami surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit CBS4 Miami . Have a tip or correction? Contact our newsroom .
Category: arts ·
Published: July 17, 2026 ·
Source: CBS4 Miami ·
Reading time: 2 min
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Frequently asked about this story
What is this story about? The so-called "great wealth transfer" — the passing of assets from the baby boomer generation to their heirs — will mostly benefit younger Americans who are already affluent, according to a July report from Visa Business and Economic Insights.And while the wealth transfer will be signifi
When was this published? This article was first published on July 17, 2026 by CBS4 Miami and curated for The Miami readers.
Who reported this story? This story was reported by Megan Cerullo at CBS4 Miami. To learn more about how The Miami selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more arts coverage from The Miami, or browse our daily briefing and topic hubs .
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