Longer Lives, New Markets Are Rewriting the Playbook for Rich Investors
Longer life expectancies, accelerating family business transitions and growing interest in private markets are reshaping how wealthy Americans manage and transfer their assets, according to the 2026 Bank of America Private Bank Study of Wealthy Americans.
The survey, which polled individuals with at least $3 million in investable assets, found that affluent investors are increasingly focused on preserving wealth across generations while adapting to changing investment opportunities and family dynamics. The findings suggest that the ongoing Great Wealth Transfer is influencing not only how wealth is passed down, but also how it is managed and deployed.
Longevity Drives Planning Priorities
Longevity has emerged as a central financial planning concern, with 92% of respondents saying longer life expectancy is an important factor in their wealth strategy. Nearly all respondents, 94%, reported taking steps to improve their health and extend longevity, while 61% are discussing the issue with their financial advisors.
Despite the heightened focus, estate planning gaps remain. Only 46% of respondents have completed the three foundational planning documents—a will, living will or advance directive, and durable power of attorney. While 55% have established trusts, only one-third say they have a strong understanding of how trusts function.
“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.
Family Businesses Face Succession Challenges
Business ownership is becoming an increasingly important component of wealth transfer. Nearly one-quarter of wealthy business owners surveyed said they inherited their companies, more than double the level reported in 2024.
Family involvement in business decisions has also increased significantly. Twenty-seven percent of respondents reported active family participation in business governance and planning, compared with just 7% two years ago.
Yet succession planning remains incomplete. While 78% of business owners consider succession planning a priority, only 20% have a fully documented plan in place. Family discussions surrounding future ownership and control continue to rank among the biggest challenges.
Private Markets Gain Favor
Among ultra-high-net-worth investors with more than $25 million in investable assets, private markets remain a key area of interest. Seventy-seven percent believe greater opportunities exist in private markets than public markets, with real estate and private equity ranking as the top investment opportunities.
These investors are also more likely to use credit strategically to pursue investments, support business operations, bridge liquidity events and facilitate wealth transfers.
Younger Investors Embrace Alternatives and Crypto
Younger wealthy investors are taking a different approach to portfolio construction. Two-thirds of Gen Z and Millennial respondents believe traditional stock-and-bond portfolios can no longer generate above-average returns.
As a result, they are allocating more capital to alternative investments and digital assets. Crypto ranked as the top wealth-creation opportunity among younger investors, with 58% already owning digital assets and 92% either invested or interested in the asset class.
Interest in artificial intelligence is also growing. Nearly half of younger investors use AI to research markets and companies, though most still prefer receiving financial advice from a human advisor.
