The Great Wealth Transfer: what are we really passing down?
“Intangible legacies—how to live, give, and lead—are what truly shape the next generation. Wealth alone doesn’t build connection or create fairness; it’s the human story behind it that can.”
The Great Wealth Transfer is upon us, and its significance is more than financial. Over the next few decades, an estimated $1 trillion will pass from one generation to the next in Canada alone. This massive shift in wealth presents both extraordinary opportunities and serious risks.
At the core of this transfer is an unsettling truth: it’s happening against a backdrop of increasing inequality. While the wealthiest 20% of Canadians are set to pass down considerable assets—property, investments, businesses—many in the bottom 40% continue to face inflation, high interest rates, and diminishing financial security.
As economist Miles Corak points out, "When wealth gets passed on to the next generation, it inherently rubs against our sense of fairness." Wealth, it seems, has become increasingly concentrated, deepening societal divides and creating a growing sense of inequity.
But as this monumental shift occurs, there’s a deeper question we must ask: What are we really passing down?
Beyond the financial assets - important as they are - families have the opportunity to transfer something far more enduring: their values, wisdom, and sense of purpose. These intangible legacies—how to live, give, and lead—are what truly shape the next generation. Wealth alone doesn’t build connection or create fairness; it’s the human story behind it that can.
In an inheritance-based economy, the transfer of wealth presents a critical opportunity to rethink how we approach legacy. It’s not enough to simply pass down assets. We must also consider passing down the life lessons, values, and character that define who we are. This is what builds resilience, fosters connection, and ensures future generations inherit not just money, but the tools to live a meaningful life.
The Great Wealth Transfer is an opportunity to shape the future by documenting our legacies in ways that transcend financial wealth. Let’s ensure that future generations don’t just inherit what we own—but the wisdom and values that can guide them toward a brighter, more equitable future.
Let’s pass down more than money. Let’s pass down a legacy that truly matters.
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