The 100 Trillion Dollar Wealth Transfer
How the Handover from Boomers to Gen Z Will Revolutionize Capitalism
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- $25.99
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- $25.99
Publisher Description
'A valuable exploration of the topic and a thought-provoking read.'
Financial Times
An insider's look into how Generation Z's focus on ethics, climate change and purpose will change capitalism forever.
In the next ten years there will be an unprecedented wealth transfer from the so-called 'baby boomer' generation to the young. Never before will so much money – in housing, land, stocks and cash – be shifted so suddenly from one generation to the next, and never before does the next generation feel so differently about the future of the planet and of capitalism.
Ken Costa works with this new generation and shows how environmental concerns and anxiety about equality and diversity are more than mere slogans; instead they are driving the future of the markets. So many issues stem from the reality of the financial gap between age groups - from cancel culture and fears about wokeness, to generation rent, protest movements and re-evaluations of history around subjects such as empire. Costa also shows how we can build a more inclusive, purposeful capitalism, which shifts focus away from the individual and more towards collaboration, compassion and community.
For readers of Rebecca Henderson's Reimagining Capitalism, and Rutger Bregman's Utopia for Realists, as well as business leaders and tech watchers, this is what the future of capitalism looks like, how our current systems may be upended, and above all how boomers must work with the invigorating and inspiring young, who see their mission not just to increase value for shareholders, but also to save the planet.
PUBLISHERS WEEKLY
In this unconvincing screed, Costa (Strange Kingdom), chairman of the Helios Fairfax private equity group, makes a confused plea for harmony between baby boomers and zennials, his term for millennials and zoomers. Though Costa calls on both cohorts to collaborate and "truly do things as co-equals," it becomes clear he's actually asking boomers to "curb" zennials' leftist leanings before they incite "an extinction-level event for capitalism." Costa's condescending tone toward zennials is unlikely to further his ostensible aim of bridging the generations; for instance, he dismisses the popularity of leftist politics among young people as a vindictive response to the 2008 financial crisis: "There are many reasons why you feel justifiably hard done.... Don't let this sense of injustice harden your heart and embitter you." Costa doesn't bother providing proof for his sweeping generalizations, as when he claims zennials' vision of community "lacks the ideals and transcendent experience" of organized religion that shaped previous generations. What little evidence he does marshal doesn't persuade; for instance, he cites an open letter signed by Elon Musk calling for a moratorium on AI development as an example of the older generation's restraint, apparently oblivious to Musk's own AI startup, announced four months after the letter went public. Patronizing and short on evidence, this doesn't stand up to scrutiny.
