A report by Altrata indicates that the ultra-wealthy population, defined as those with at least $30 million, has grown to over 510,000 individuals, marking a 5.4% increase this year. Currently, baby boomers dominate this demographic, holding nearly 45% of the wealth, while millennials and Generation Z account for only 8%. However, projections suggest that by 2040, millennials and Gen Z will make up over a third of the ultra-wealthy, driven by a significant wealth transfer and changing economic dynamics. The report notes that younger wealthy individuals are more likely to have made their fortunes in technology and entertainment, contrasting with older generations. Additionally, younger generations prioritize spending on real estate and luxury items over philanthropy, reflecting their different life stages and wealth management strategies. This shift poses challenges and opportunities for businesses catering to the ultra-rich, necessitating a reevaluation of services and products offered.