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From inheritance to stewardship: how the next generation is redefining wealth management
Article originally published in El Español, 18 February 2026.
In the coming years, we will witness one of the largest intergenerational transfers of wealth in modern history among high- and very-high-net-worth individuals (HNWIs) and families.
This is not just a matter of scale, although the figures involved are, indeed, significant. KPMG data indicate that, in Europe’s high-net-worth segment alone, nearly EUR 3.2 trillion will be transferred from one generation to the next in the years ahead. Globally, estimates are even higher, with tens of trillions of dollars set to change hands in the next two decades.
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More importantly, though, the sheer scale of this intergenerational wealth transfer is causing a profound shift in how capital is understood, managed, and projected into the future. In Spain, this phenomenon is making itself felt among business families and segments of high net worth created during the expansive cycle that preceded the financial crisis.
The next generation…are not just inheriting capital. They are also inheriting an environment that’s fundamentally different to the one in which the capital accumulated
The new wealth perspective of heirs
The concentration of financial and business assets in the hands of generations nearing retirement heralds a transition that will be gradual rather than structural. What’s truly transformational here is not the volume of assets being transferred, but who is inheriting them and how they intend to manage them.
The next generation – among whom we include mainly millennials and part of Generation X – are not just inheriting capital. They are also inheriting an environment that’s fundamentally different to the one in which the capital was accumulated. Today’s heirs grew up in a world shaped by the 2008 financial crisis, the Covid-19 pandemic, rapid digitalisation and geopolitical tension, and they are more sensitive to issues such as sustainability, governance and social impact.
Younger generations are showing more interest in alternative assets than the baby boomers
As such, a range of studies and analyses have confirmed that younger generations see risk, liquidity and the purpose of wealth quite differently to their predecessors. For instance, the Capgemini World Wealth Report 2025 notes that 88% of relationship managers have observed younger generations showing more interest in alternative assets than the baby boomers. Demand for investments with environmental, social and governance criteria is also more pronounced among young heirs, who tend to link profitability with ethical integrity and long-term sustainability.
From preservation to strategic growth
This cultural transformation has profound implications. For decades, wealth management was focussed on preservation and stability. But today, alongside this conservative logic, a more dynamic vision is emerging: one that seeks to invest in structural growth, technological innovation, private markets and the energy transition without sacrificing financial discipline.
Inheritances account for a substantial portion of wealth inequality, which highlights the need for responsible and professional wealth management
The challenge of managing this transition is not a small one. Several academic studies have found that inadequate succession planning is one of the main causes of intergenerational wealth erosion. Meanwhile, a number of World Economic Forum reports have emphasised the importance of boosting financial education to ensure that transfers of wealth do not result in value destruction in the medium term.
In Spain, evidence gathered by financial analysts indicates that inheritances account for a substantial portion of wealth inequality, which highlights the need for responsible and professional wealth management.
Wealth management as a generational responsibility
An intergenerational wealth transition is not just a technical process. It is also a deeply human one, involving complex conversations about family leadership, business purpose, philanthropy, governance and continuity. Moreover, many business families are facing the two-fold challenge of maintaining cohesion while adapting to a competitive environment where digitalisation and sustainability are redefining entire sectors.
Another key variable is the growing role of women in owning and managing wealth. Recent studies suggest that, in the United States, tens of trillions of dollars will be transferred into the hands of women in the coming decades through both direct inheritance and spousal succession, with a similar trend unfolding in Europe. In turn, this phenomenon is transforming decision-making dynamics, with increased emphasis being placed on long-term planning, diversification and impact criteria.
…tens of trillions of dollars will be transferred into the hands of women in the coming decades
At the same time, inherited wealth is not always liquid or uniform. In Spain, a significant proportion of intergenerational transfers involves property, which requires strategic decision-making around sales, leasing, professionalisation of management and diversification towards other assets. The transition, therefore, is not automatic. It is an active process that demands diagnosis, tax planning, risk analysis and a global vision.
The risk of improvising this process is high. Despite their solid academic qualifications, younger generations do not always have direct experience of managing large wealth portfolios, which is becoming more complicated amid sophisticated financial markets, growing international regulation and the intricacies of multi-jurisdictional taxation. As a result, specialised advisory services play a crucial role in intergenerational wealth transfers by going beyond just managing portfolios. Today, such services also support transition processes, facilitate inter-generational dialogue, structure solutions that integrate both public and private assets, and align the investment strategy with the family’s values and objectives.
The great wealth transfer … is the result of a historical capital accumulation that is now coinciding with a structural transformation of the global economy
The great wealth transfer is not an isolated or one-off event. It is the result of a historical capital accumulation that is now coinciding with a structural transformation of the global economy, one in which digitalisation, artificial intelligence, the energy transition, geopolitical fragmentation and new trading rules are redefining the environment in which that capital will have to work.
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For this reason, the wealth that will be changing hands in the coming years is not so much a reward, but a responsibility. And success will depend on how that wealth is managed. The difference between a missed opportunity and an orderly transition that preserves a family’s legacy will turn on quality planning and the ability of the next generation to combine ambition, professional rigour and long-term vision.
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This is a marketing communication issued by Bank Lombard Odier & Co Ltd (hereinafter “Lombard Odier”).
It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a marketing communication.
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