(BPT) - We are approaching a critical tipping point that could shake up the status quo for wealth planning. Millennials and Gen Z are accumulating more wealth at a rapid pace, increasingly dominating the world's ultra-wealthy population. In fact, they have already begun to overtake Baby Boomers as the largest class of individuals with a personal worth exceeding $30 million . This major shift could have serious implications for the Baby Boomer generation.

According to a new report by Altrata , Baby Boomers currently make up nearly half the world's ultra-high-net-worth (UHNW) population. In contrast, Millennials and Gen Z make up just 8%.

That gap, however, is closing fast.

By 2040, Millennials and Gen Z are projected to account for one-third of the world's UHNW population, fueled by

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