One in 5 U.S. billionaires is over 80—as millennials await the Great Wealth Transfer

Many of the world’s billionaires are far older than the tech-founder stereotype, at 103 years old, George Joseph is still actively involved in his company, Mercury General . In fact, young billionaires (under 50) make up just 10% of the global billionaire population . And as these ageing billionaires prepare to pass on their fortunes, an estimated $124 trillion will be transferred by 2048—mostly to millennials.

When people envision billionaires, they may think of the young tech founder stereotype launching unicorn companies left and right. Elon Musk, Sam Altman and Mark Zuckerberg, are all within their 40s and 50s—but they’re considered youthful when it comes to the exclusive club of the world’s upper-class.

In fact, one in five billionaires are already in their 80s and 90s, accordi