A new study from Bank of America Private Bank reveals that increasing longevity, faster intergenerational business handovers, and evolving investment tastes are transforming financial strategies among affluent Americans. The 2026 Study of Wealthy Americans, which polled individuals holding at least $3 million in investable assets, underscores how these trends are creating more intricate multigenerational financial landscapes.
Longer life expectancies have become a dominant theme in wealth planning. Over 90 percent of respondents view longevity as a major consideration, with 94 percent actively pursuing health measures to extend their lifespan.
Discussions with financial advisors about this topic have risen, yet gaps persist in core preparations.
Only 46 percent possess the full set of essential legal documents, including wills, advance directives, and powers of attorney.
Trusts are held by 55 percent, and interest in establishing them remains high among those without, though understanding of these vehicles is limited for many.
Younger couples are approaching these matters earlier.
Roughly 32 percent of Gen Z and Millennial respondents have prenuptial agreements, with another 15 percent intending to create one—substantially higher rates than among Gen X (15 percent) or Boomers and Silents (4 percent).
This shift reflects greater awareness of potential complexities in blended or extended-family scenarios.
Family business transitions are accelerating markedly. Nearly one-quarter of affluent business owners inherited their companies, double the share reported two years earlier and more than four times the level from 2022.
Family engagement in decision-making has surged to 27 percent from just 7 percent in 2024, while the portion reporting no family involvement has dropped sharply.
Despite 78 percent emphasizing the importance of succession planning, only 20 percent maintain complete, documented plans. Family dialogues rank high among estate planning hurdles.
Ultra-high-net-worth individuals—those with more than $25 million in assets—show distinct preferences.
Seventy-seven percent believe private markets offer superior returns compared to public ones.
Real estate leads as the prime growth area, followed by private equity. Strategic borrowing is far more common in this group, with over half using credit purposefully to seize opportunities, sustain operations, bridge liquidity gaps, or ease wealth transfers.
In contrast, only 16 percent of those with $3–10 million deploy credit similarly.
Many in this segment also worry about heirs’ drive, prompting actions such as funding entrepreneurial pursuits, adding trust clauses, or limiting full wealth disclosures.
Younger wealthy investors (ages 21–45) are redefining portfolio construction. Sixty-seven percent doubt that conventional stocks and bonds can produce strong returns going forward.
They allocate far less to equities than older generations while directing more toward alternatives (15 percent) and cryptocurrencies (13 percent).
Crypto stands out as the top perceived wealth-building avenue for them, with ownership climbing and broad interest prevailing.
Nearly nine in ten expect to boost alternative allocations soon, and many embrace AI for research, though most still value human advisor input. Art and collectibles also attract significant attention among this cohort.
Katy Knox, President of Bank of America Private Bank, noted that the ongoing wealth shift involves not just assets but changing relationships with money. Clients seek holistic approaches that integrate investments, lending, banking, and legacy goals amid rising complexity.
The latest research findings illustrate a need for adaptive, comprehensive strategies that address extended lifespans, family enterprise continuity, alternative assets, and generational differences. The Bank of America update has now concluded that as wealth dynamics evolve, personalized guidance combining traditional and innovative digital tools will prove essential for preserving and growing prosperity across generations.