The Great Wealth Transfer is Accelerating. But Who will Actually Benefit from it? | Featuring Chayce Horton
December 13, 2025
The great wealth transfer is accelerating, but not everyone will share in it. Chayce Horton, the Associate Director of Wealth Management at Cerulli Associates, joins Michael Smerconish to break down the demographic shifts behind the coming inheritance boom and investigate why a large share of millennials may never see life-changing wealth.
Watch the Video
ContinueIn their discussion:
- The three main factors that we find are responsible for accelerating our expectations for wealth transfer going forward
- Why Cerulli advocates for education and communication with our clients
- Policy-making shifts regarding inheritance tax
- Why talking about why and where the wealth is moving is more important than talking about what is and how it’s moving
Subject Matter Expert
Meet Chayce Horton
Chayce Horton
Associate Director
Bio →
Chayce Horton
Associate Director
Chayce is an Associate Director in the Wealth Management practice and is the lead author of the annual High-Net-Worth and Ultra-High-Net-Worth Markets report. He also helps lead the annual Private Banks and Bank Trust Companies report as well as the quarterly Cerulli Advisor Edge. Chayce specializes in research and consulting related to high-net-worth investors and advisory firms, including multi-family offices, RIAs, broker/dealers, private banks, and trust companies, as well as the asset management providers that serve these investors and intermediaries.
Prior to joining Cerulli, Chayce worked in enterprise data governance, geopolitical research, and commercial banking at multiple global financial institutions.
Full biography here.
Related Resources
- Annual report
- The Cerulli Edge
December 2025
Will the Great Wealth Transfer Divide Millennials? | Featuring Chayce Horton
What will the coming decades look like as millennials begin inheriting assets, building equity, and navigating one of the largest wealth transitions in U.S. history? Watch as Cerulli's Chayce Horton breaks down key trends and numbers with SiriusXM's Michael Smerconish.
December 2024
What is the “great wealth transfer,” and who’ll benefit from it? NPR Marketplace
Chayce Horton joins Mitchell Hartman on NPR Marketplace to discuss Cerulli's wealth transfer number which forecasts $124 trillion will change hands from older to younger generations.
December 2024
Coming Wave of Inheritance, Cost of Data, EU's Competition Tradeoff | Wall Street Week
Chayce Horton speaks with David Westin at Bloomberg about the increasing net worth coming from inheritance.