ALBAWABA – Generation Z, also known as Zoomers, the demographic cohort following Millennials and preceding Generation Alpha, will be the wealthiest generation by 2035, according to a recent report from Bank of America (BOA), the American multinational investment bank and financial services company.
Gen Z the wealthiest by 2035
According to a recent report from Bank of America (BOA), Generation Z, born between 1997 and 2012, is set to become the wealthiest generation in the world by 2035.
The report also states that Gen Z will generate over $74 trillion by 2040, providing significant support for ongoing economic challenges like unemployment and high living costs.
Remarkably, Generation Z has faced multiple economic challenges, including financial issues like buying a house or starting a family. However, this generation has recently shifted its focus toward experiences rather than materialistic objects.
Gen Z's income is expected to rise from nearly $9 trillion in 2023 to $36 trillion over the next five years. (Shutterstock)
The report also highlights that Generation Z will face a highly competitive job market. However, this generation has higher educational attainment, with about 57% of individuals aged 18 to 21 currently enrolled in college, positioning them to secure higher-paying jobs.
Bank of America (BOA) concluded the report by asserting, based on multiple factors, that Generation Z will become the wealthiest generation, driving strong economic power. Gen Z's income is expected to rise from nearly $9 trillion in 2023 to $36 trillion over the next five years.
