Economic success in the US is often credited to individual effort. But wealth accumulation also depends on structural and historical factors. A projected $124 trillion will change hands between now and 2048, the largest intergenerational wealth transfer in history. 

This brief analyzes who inherits what, how adults without children transfer wealth, and when money flows upward, from younger to older generations.

Why This Matters

The data reveal two parallel realities. First, downward transfers (wealth passed from older to younger generations) are larger and more frequent among white families, reinforcing their intergenerational advantage. Second, upward transfers (financial support from adult children to aging parents) are more common among Black and Hispanic families, reflecting compensatory support within constrained economic contexts. For many families of color, wealth transfer may deliver little to nothing, or even delay younger generations’ own wealth-building efforts.

Policymakers need clear data to design estate rules, retirement programs, and wealth-building strategies that work for all families.

What We Found

• Spouses and children are the main heirs, but amounts differ by race. Black families received a median inheritance five to six times smaller than white families (about $9,500 versus $60,000 to spouses and $20,000 versus $100,000 to children).
• Older adults without children redirect wealth to extended family. Among older adults without children, 41 percent transferred wealth to nieces, nephews, cousins, or close nonbiological kin. Median transfers to these relatives were about $80,000.
• Reverse transfers—from adult children to aging parents—are more common among non-white families. Eighteen percent of Black older adults and 16 percent of Hispanic older adults received more than $500 from their adult children two years before death, compared with 13 percent overall.

How We Did It

I analyzed the 2010–22 Health and Retirement Study survey data. The sample includes respondents who passed away between 2004 and 2023. We examined transfers by recipient type and race and ethnicity, as well as reverse transfers from adult children to aging parents.