The private wealth held by American seniors has reached a record high. As this wealth begins to flow to Generation X and Millennials, the real estate market, especially the high-end property sector, is experiencing a noticeable shift.

This large intergenerational transfer of wealth is not just a numbers game. When trillions of dollars move from the older generation to younger investors, asset allocation patterns will change accordingly. Some choose real estate for preservation of value, while others seek more diversified portfolios—including crypto assets and other alternative investments.

The reason this phenomenon is worth paying attention to is simple: where there is a large amount of liquidity, market opportunities will arise. The booming high-end real estate market is just a surface phenomenon; behind it are differences in intergenerational wealth concepts and a new generation's more open attitude toward risk assets.