June 17, 2026 at 9:00 AM Eastern

BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex

Longer lives, more businesses being passed down, and an interest in alternative investments are reshaping how wealthy individuals plan and invest

Key takeaways

  • Longer lifespans are changing how people plan for their finances with more than ninety percent saying it is a key factor.
  • Twice as many business owners report inheriting their businesses versus two years ago.
  • seventy seven percent of ultra‑high‑net‑worth (more than twenty five million dollars) respondents saying greater investment opportunity exists in private markets than public ones.

Key takeaways

  • Longer lifespans are changing how people plan for their finances with more than ninety percent saying it is a key factor.
  • Twice as many business owners report inheriting their businesses versus two years ago.
  • seventy seven percent of ultra‑high‑net‑worth (more than twenty five million dollars) respondents saying greater investment opportunity exists in private markets than public ones.

NEW YORK, New York – The 2026 Bank of America Private Bank Study of Wealthy Americans, surveying individuals with three million dollars or more in investable assets, finds that longer lifespans, accelerating family business transitions and shifting investment preferences are reshaping financial priorities. More than ninety percent cite longevity as a critical planning consideration, while nearly one quarter of business owners report inheriting their companies, highlighting the speed at which multigenerational complexity is emerging.

“The Great Wealth Transfer is not simply a transfer of assets, it represents a meaningful shift in how clients define and engage with their wealth,” said Katy Knox, President of Bank of America Private Bank. “As financial lives become increasingly complex, clients are looking for thoughtful, personalized strategies that bring together investing, credit, banking, and legacy planning in a more integrated and purposeful way.”

 

Longevity moves to the center of financial planning

Longer lives are raising expectations for lasting wealth, but planning has yet to fully catch up.

  • ninety two percent say longevity is an important factor in financial planning, and ninety four percent are already taking steps to optimize their health and increase longevity.
  • sixty one percent are now discussing longevity with their advisors.
  • Yet long-term planning remains uneven: only forty six percent have the three essential documents (a will, living will or advance directive, and durable power of attorney).
  • fifty five percent of respondents have a trust, and fifty one percent without a trust are likely to establish one, yet only thirty three percent say they understand trusts quite well.
  • Among younger married investors, planning is starting earlier: thirty two percent of Gen Z and Millennials have a prenuptial agreement (with another fifteen percent planning to), compared with fifteen percent of Gen X and four percent of Boomers and Silents.

 

“Longevity is a core wealth planning priority” bar graph

Longevity is a core wealth planning priority

  • 92 percent say longevity matters in financial planning
  • 94 percent already taking steps to improve health and longevity

Bank of America Private Bank 2026 Study of Wealthy Americans

Transfer of family businesses accelerates and family involvement rises

Business ownership plays an increasingly central role in wealth transfer despite gaps in formal succession planning.

  • Wealth transfer is underway as twenty three percent wealthy business owner respondents report inheriting their business, compared to eleven percent in 2024 and five percent in 2022.
  • Family involvement in business decisions rose to twenty seven percent, up from seven percent in 2024, alongside increased participation in governance and future planning. Only twenty four percent report no family involvement, down from forty nine percent in 2024.
  • seventy eight percent of wealthy business owners say succession planning is important to their wealth strategy, yet only twenty percent have a fully documented succession plan.
  • Family conversations (twenty five percent) rank among the biggest estate planning challenges for family business owners.

UHNW investors prioritize private markets and strategic credit

Ultra-high-net-worth (UHNW) investors with over twenty five million dollars in investable assets are increasingly focused on private markets, strategic use of credit, and intentional planning to preserve wealth across generations.

  • seventy seven percent of UHNW respondents believe more money can be made in the private markets than in the public markets.
  • UHNW investors cite real estate as the top opportunity for investment growth, up notably from 2024, followed by private equity.
  • More than half of respondents with over twenty five million dollars use credit strategically or occasionally, compared to sixteen percent of respondents with three million dollars toten million dollars.
  • UHNW respondents use credit to pursue opportunities (thirty seven percent versus twenty two percent for three million dollars toten million dollars), support business operations (thirty six percent versus twelve percent), bridge timing gaps between liquidity events (thirty four percent versus twenty percent), and facilitate wealth transfer (twenty two percent versus nine percent).
  • sixty one percent of UHNW respondents express concern about their children’s motivation and are taking actions such as supporting business ventures (fifty one percent), incorporating provisions into trusts (forty one percent) and not disclosing the full amount of family wealth to them (thirty six percent).

Younger investors are redefining diversification

Younger investors (Gen Z and Millennials, ages 21 to 45) are reshaping how wealth is built and diversified, as they embrace alternative investments and emerging technologies.

  • sixty seven percent of younger investors believe traditional stocks and bonds can no longer deliver above-average returns.
  • Younger investors allocate nearly half as much to stocks as older generations, while allocating more to alternatives (fifteen percent) and crypto (thirteen percent) than older investors.
  • Crypto ranks as the number one “wealth-creation opportunity” for young wealthy: twenty nine percent rank it number one; fifty eight percent currently own crypto (up from forty nine percent in 2024) and ninety two percent either own or are interested.
  • eighty eight percent of younger investors say they’re likely to allocate more to alternatives in the next few years, compared with just fifteen percent of Boomers and Silents.
  • forty seven percent of young investors use AI to research companies or markets, and eighty seven percent are comfortable with advisors using AI to help manage portfolios, yet sixty five percent still prefer to receive investment advice from a human advisor.
  • forty two percent of younger respondents own art; among those who do not, seventy five percent are interested in own art and ninety four percent own collectables.

 

Percentage of portfolio allocated to socks by generation

  • Gen Z / Millennials: 32 percent younger investors
  • Gen X / Baby Boomers: 58 percent older investors

Bank of America Private Bank 2026 Study of Wealthy Americans

Read more about the 2026 Bank of America Private Bank Study of Wealthy Americans.

Frequently asked questions

Question: How does Bank of America Private Bank help clients navigate today’s more complex wealth landscape?

Answer: Bank of America Private Bank delivers integrated wealth management built for complexity by bringing together solutions spanning wealth strategy, trust and estate planning, investment management, banking, specialty lending, and philanthropy. Advisors, support by award-winning digital platforms, work across disciplines, to help clients manage growth, liquidity, longevity, and legacy as their priorities evolve.

Question: How does Bank of America Private Bank support long‑term planning across generations?

Answer: Bank of America Private Bank helps families plan for longevity and wealth transfer through trust and estate planning, business succession strategies, and family education. Advisors facilitate conversations across generations to align financial plans with family values, helping clients preserve wealth, prepare heirs, and plan for extended lifespans.

Question: How is Bank of America Private Bank supporting investors as interest in alternatives grows?

Answer: The Private Bank offers access to a broad range of alternative investment strategies, including private equity, real estate, and select opportunistic investments, alongside traditional portfolios. Advisors help clients evaluate where alternatives fit within an individual client’s overall asset allocation, balancing risk tolerance, liquidity needs, and long‑term objectives.

Question: How does Bank of America Private Bank help clients use credit strategically as part of their wealth plan?

Answer: Advisors work with clients to use credit strategically, whether to manage liquidity, finance major lifestyle purchases, support business opportunities, or preserve investment positions, while aligning borrowing decisions with long‑term wealth goals.

Question: What role does technology and artificial intelligence play at Bank of America Private Bank?

Answer: Bank of America Private Bank uses AI to support advisor capacity, deepen client relationships, and help teams find information faster and more efficiently. In 2025, ninety three percent of Private Bank clients were digitally active, reflecting strong adoption of our digital banking tools.

2026 Bank of America Private Bank Study of Wealthy Americans methodology

Escalent, an independent market research company, conducted an online survey on behalf of Bank of America Private Bank among 1,431 wealthy individuals in the United States. Respondents were ages 21 or older with at least three million dollars in investable assets, excluding primary residence. Participants were sourced from multiple panel providers targeting wealthy individuals. The survey was fielded from January 8, 2026, to February 5, 2026. Data were weighted to reflect the U.S. high‑net‑worth population by age, investable assets, region, and gender, and respondents are not necessarily clients of Bank of America or its wealth and investment management businesses.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Reporters may contact

Julia Ehrenfeld, Bank of America
Phone:1 9 8 0 3 8 7 0 5 1 4
julia.ehrenfeld@bofa.com

Carolyn Batt, Bank of America
Phone:1 6 4 6 9 8 3 1 3 6 9
carolyn.batt@bofa.com

MAP #8971085

Important disclosures

Bank of America Corporation (“Bank of America”) is a financial holding company that, through its subsidiaries and affiliated companies, provides banking and non-banking financial services.

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”).

Bank of America, N.A., and U.S. Trust Company of Delaware (collectively the “Bank”) do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank.

Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investing involves risk including possible loss of principal. Past performance is no guarantee of future results.

Credit and collateral subject to approval. Terms and conditions apply. Programs, rates, terms and conditions subject to change without notice.

Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Investment products:

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

©2026 Bank of America Corporation.

Categories

List with 1 items.

June 17, 2026 at 9:00 AM Eastern

BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex

Longer lives, more businesses being passed down, and an interest in alternative investments are reshaping how wealthy individuals plan and invest

Key takeaways

  • Longer lifespans are changing how people plan for their finances with more than ninety percent saying it is a key factor.
  • Twice as many business owners report inheriting their businesses versus two years ago.
  • seventy seven percent of ultra‑high‑net‑worth (more than twenty five million dollars) respondents saying greater investment opportunity exists in private markets than public ones.

Key takeaways

  • Longer lifespans are changing how people plan for their finances with more than ninety percent saying it is a key factor.
  • Twice as many business owners report inheriting their businesses versus two years ago.
  • seventy seven percent of ultra‑high‑net‑worth (more than twenty five million dollars) respondents saying greater investment opportunity exists in private markets than public ones.

NEW YORK, New York – The 2026 Bank of America Private Bank Study of Wealthy Americans, surveying individuals with three million dollars or more in investable assets, finds that longer lifespans, accelerating family business transitions and shifting investment preferences are reshaping financial priorities. More than ninety percent cite longevity as a critical planning consideration, while nearly one quarter of business owners report inheriting their companies, highlighting the speed at which multigenerational complexity is emerging.

“The Great Wealth Transfer is not simply a transfer of assets, it represents a meaningful shift in how clients define and engage with their wealth,” said Katy Knox, President of Bank of America Private Bank. “As financial lives become increasingly complex, clients are looking for thoughtful, personalized strategies that bring together investing, credit, banking, and legacy planning in a more integrated and purposeful way.”

 

Longevity moves to the center of financial planning

Longer lives are raising expectations for lasting wealth, but planning has yet to fully catch up.

  • ninety two percent say longevity is an important factor in financial planning, and ninety four percent are already taking steps to optimize their health and increase longevity.
  • sixty one percent are now discussing longevity with their advisors.
  • Yet long-term planning remains uneven: only forty six percent have the three essential documents (a will, living will or advance directive, and durable power of attorney).
  • fifty five percent of respondents have a trust, and fifty one percent without a trust are likely to establish one, yet only thirty three percent say they understand trusts quite well.
  • Among younger married investors, planning is starting earlier: thirty two percent of Gen Z and Millennials have a prenuptial agreement (with another fifteen percent planning to), compared with fifteen percent of Gen X and four percent of Boomers and Silents.

 

“Longevity is a core wealth planning priority” bar graph

Longevity is a core wealth planning priority

  • 92 percent say longevity matters in financial planning
  • 94 percent already taking steps to improve health and longevity

Bank of America Private Bank 2026 Study of Wealthy Americans

Transfer of family businesses accelerates and family involvement rises

Business ownership plays an increasingly central role in wealth transfer despite gaps in formal succession planning.

  • Wealth transfer is underway as twenty three percent wealthy business owner respondents report inheriting their business, compared to eleven percent in 2024 and five percent in 2022.
  • Family involvement in business decisions rose to twenty seven percent, up from seven percent in 2024, alongside increased participation in governance and future planning. Only twenty four percent report no family involvement, down from forty nine percent in 2024.
  • seventy eight percent of wealthy business owners say succession planning is important to their wealth strategy, yet only twenty percent have a fully documented succession plan.
  • Family conversations (twenty five percent) rank among the biggest estate planning challenges for family business owners.

UHNW investors prioritize private markets and strategic credit

Ultra-high-net-worth (UHNW) investors with over twenty five million dollars in investable assets are increasingly focused on private markets, strategic use of credit, and intentional planning to preserve wealth across generations.

  • seventy seven percent of UHNW respondents believe more money can be made in the private markets than in the public markets.
  • UHNW investors cite real estate as the top opportunity for investment growth, up notably from 2024, followed by private equity.
  • More than half of respondents with over twenty five million dollars use credit strategically or occasionally, compared to sixteen percent of respondents with three million dollars toten million dollars.
  • UHNW respondents use credit to pursue opportunities (thirty seven percent versus twenty two percent for three million dollars toten million dollars), support business operations (thirty six percent versus twelve percent), bridge timing gaps between liquidity events (thirty four percent versus twenty percent), and facilitate wealth transfer (twenty two percent versus nine percent).
  • sixty one percent of UHNW respondents express concern about their children’s motivation and are taking actions such as supporting business ventures (fifty one percent), incorporating provisions into trusts (forty one percent) and not disclosing the full amount of family wealth to them (thirty six percent).

Younger investors are redefining diversification

Younger investors (Gen Z and Millennials, ages 21 to 45) are reshaping how wealth is built and diversified, as they embrace alternative investments and emerging technologies.

  • sixty seven percent of younger investors believe traditional stocks and bonds can no longer deliver above-average returns.
  • Younger investors allocate nearly half as much to stocks as older generations, while allocating more to alternatives (fifteen percent) and crypto (thirteen percent) than older investors.
  • Crypto ranks as the number one “wealth-creation opportunity” for young wealthy: twenty nine percent rank it number one; fifty eight percent currently own crypto (up from forty nine percent in 2024) and ninety two percent either own or are interested.
  • eighty eight percent of younger investors say they’re likely to allocate more to alternatives in the next few years, compared with just fifteen percent of Boomers and Silents.
  • forty seven percent of young investors use AI to research companies or markets, and eighty seven percent are comfortable with advisors using AI to help manage portfolios, yet sixty five percent still prefer to receive investment advice from a human advisor.
  • forty two percent of younger respondents own art; among those who do not, seventy five percent are interested in own art and ninety four percent own collectables.

 

Percentage of portfolio allocated to socks by generation

  • Gen Z / Millennials: 32 percent younger investors
  • Gen X / Baby Boomers: 58 percent older investors

Bank of America Private Bank 2026 Study of Wealthy Americans

Read more about the 2026 Bank of America Private Bank Study of Wealthy Americans.

Frequently asked questions

Question: How does Bank of America Private Bank help clients navigate today’s more complex wealth landscape?

Answer: Bank of America Private Bank delivers integrated wealth management built for complexity by bringing together solutions spanning wealth strategy, trust and estate planning, investment management, banking, specialty lending, and philanthropy. Advisors, support by award-winning digital platforms, work across disciplines, to help clients manage growth, liquidity, longevity, and legacy as their priorities evolve.

Question: How does Bank of America Private Bank support long‑term planning across generations?

Answer: Bank of America Private Bank helps families plan for longevity and wealth transfer through trust and estate planning, business succession strategies, and family education. Advisors facilitate conversations across generations to align financial plans with family values, helping clients preserve wealth, prepare heirs, and plan for extended lifespans.

Question: How is Bank of America Private Bank supporting investors as interest in alternatives grows?

Answer: The Private Bank offers access to a broad range of alternative investment strategies, including private equity, real estate, and select opportunistic investments, alongside traditional portfolios. Advisors help clients evaluate where alternatives fit within an individual client’s overall asset allocation, balancing risk tolerance, liquidity needs, and long‑term objectives.

Question: How does Bank of America Private Bank help clients use credit strategically as part of their wealth plan?

Answer: Advisors work with clients to use credit strategically, whether to manage liquidity, finance major lifestyle purchases, support business opportunities, or preserve investment positions, while aligning borrowing decisions with long‑term wealth goals.

Question: What role does technology and artificial intelligence play at Bank of America Private Bank?

Answer: Bank of America Private Bank uses AI to support advisor capacity, deepen client relationships, and help teams find information faster and more efficiently. In 2025, ninety three percent of Private Bank clients were digitally active, reflecting strong adoption of our digital banking tools.

2026 Bank of America Private Bank Study of Wealthy Americans methodology

Escalent, an independent market research company, conducted an online survey on behalf of Bank of America Private Bank among 1,431 wealthy individuals in the United States. Respondents were ages 21 or older with at least three million dollars in investable assets, excluding primary residence. Participants were sourced from multiple panel providers targeting wealthy individuals. The survey was fielded from January 8, 2026, to February 5, 2026. Data were weighted to reflect the U.S. high‑net‑worth population by age, investable assets, region, and gender, and respondents are not necessarily clients of Bank of America or its wealth and investment management businesses.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Reporters may contact

Julia Ehrenfeld, Bank of America
Phone:1 9 8 0 3 8 7 0 5 1 4
julia.ehrenfeld@bofa.com

Carolyn Batt, Bank of America
Phone:1 6 4 6 9 8 3 1 3 6 9
carolyn.batt@bofa.com

MAP #8971085

Important disclosures

Bank of America Corporation (“Bank of America”) is a financial holding company that, through its subsidiaries and affiliated companies, provides banking and non-banking financial services.

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”).

Bank of America, N.A., and U.S. Trust Company of Delaware (collectively the “Bank”) do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank.

Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investing involves risk including possible loss of principal. Past performance is no guarantee of future results.

Credit and collateral subject to approval. Terms and conditions apply. Programs, rates, terms and conditions subject to change without notice.

Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Investment products:

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

©2026 Bank of America Corporation.

Categories

List with 1 items.

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