Private wealth and private markets: Preparing for the $124 trillion Great Wealth Transfer

The largest wealth transfer in history is underway. Over the next two decades, an estimated $124 trillion will move from older generations to Millennials, Gen Z, and women, reshaping investor preferences and accelerating demand for private markets. At SuperReturn North America 2026, Sinead Colton Grant, Chief Investment Officer, BNY Wealth, and John Sweeney, CEO, Private Wealth, Brookfield, explored what this means for asset managers and allocators alike.

A new generation of private market investors

Sinead described how digital‑native generations are changing the investment landscape.

Key shifts include:

• Greater comfort with private assets as public markets shrink
• Increased interest in digital assets, tokenisation, and AI‑enabled strategies
• Longer time horizons and higher tolerance for illiquidity

“If you want to own many of today’s most valuable companies, you need to be in private markets.”

Family offices are already allocating meaningful capital to these themes, often into double digits.

Access is evolving, not being “retailised”

John Sweeney reframed the debate around wealth access. Rather than retailisation, Brookfield views the shift as institutional strategies delivered through wealth‑friendly structures.

Recent innovations include:

• Evergreen and interval funds
• Lower minimums and simpler reporting
• Immediate drawdown structures

“The container has evolved, the discipline remains.”

Why discipline matters more as access broadens

With more capital entering private markets, selectivity is becoming critical. John emphasised that the best managers:

• Slow deployment in frothy markets
• Rotate between public and private opportunities
• Maintain consistency through cycles Investor servicing, transparency, and reporting now matter as much as performance.

Values, impact, and intentional capital

Sinead also highlighted two powerful trends:

• Significant wealth moving into the hands of women
• Growing demand for values‑aligned and impact‑aware investing

Younger investors want to understand not just returns, but the broader implications of their capital.

What this means for asset managers

Winning the next generation of wealth requires:

• A clear, modern value proposition
• Digital engagement and technological fluency
• Institutional‑quality investments paired with institutional‑grade service