The Bank of America Private Bank 2026 Study of Wealthy Americans, surveying individuals with $3 million or more in investible assets, finds that longer lifespans, accelerating family business transitions and shifting investment preferences are reshaping financial priorities.

A new Bank of America Private Bank 2026 Study of Wealthy Americans highlights that longer lifespans are changing how people plan for their finances, with more than 90 per cent of respondents saying it is a major factor. Twice as many business owners also report inheriting their businesses versus two years ago, while 77 per cent of investors with over $25 million believe that private markets offer greater returns than public ones.

According to the biennial survey, longevity has moved to the center of financial planning, with 92 per cent citing longevity as an important factor in financial planning, and 94 per cent taking steps to optimize their health and increase longevity. Sixty-one per cent are also now discussing longevity with their advisors, the study reveals. Yet long-term planning remains uneven, with only 46 per cent of respondents having the three essential documents – a will, living will or advance directive, and durable power of attorney. Fifty-five per cent of respondents have a trust, and 51 per cent without a trust are likely to establish one, yet only 33 per cent said they understand trusts quite well.

Among younger married investors, planning is starting earlier, with 32 per cent of Gen Z and Millennials having a prenuptial agreement (with another 15 per cent planning to), compared with 15 per cent of Gen X and 4 per cent of Boomers and Silents, the study shows.

“The Great Wealth Transfer is not simply a transfer of assets, it represents a meaningful shift in how clients define and engage with their wealth,” Katy Knox, president of the Bank of America Private Bank, said. “As financial lives become increasingly complex, clients are looking for thoughtful, personalized strategies that bring together investing, credit, banking, and legacy planning in a more integrated and purposeful way.”

Transfer of family businesses accelerating
The study shows that business ownership plays an increasingly central role in wealth transfer despite gaps in formal succession planning. It highlighted that the wealth transfer is underway as 23 per cent of wealthy business owner respondents report inheriting their business, compared with 11 per cent in 2024 and 5 per cent in 2022. Family involvement in business decisions rose to 27 per cent, up from 7 per cent in 2024, alongside increased participation in governance and future planning.

Only 24 per cent report no family involvement, down from 49 per cent in 2024. Seventy-eight per cent of wealthy business owners also said that succession planning is important to their wealth strategy, yet only 20 per cent have a fully-documented succession plan, the study reveals. Family conversations (25 per cent) also rank among the biggest estate planning challenges for family business owners.

Private markets: The study shows that ultra-high net worth (UHNW) investors with over $25 million in investible assets are increasingly focused on private markets, strategic use of credit, and intentional planning to preserve wealth across generations. Seventy-seven per cent of UHNW respondents believe that more money can be made in the private markets than in the public markets. UHNW investors also cite real estate as the top opportunity for investment growth, up from 2024, followed by private equity.

More than half of respondents with over $25 million use credit strategically or occasionally, compared with 16 per cent of respondents with $3 million to $10 million, the survey found.

In particular, younger investors (Gen Z and Millennials, ages 21 to 45) are embracing alternative investments and emerging technologies, with 67 per cent of younger investors saying that traditional stocks and bonds can no longer deliver above-average returns. Younger investors allocate nearly half as much to stocks as older generations, while allocating more to alternatives (15 per cent) and crypto (13 per cent) than older investors, the survey reveals.

It shows that 88 per cent of younger investors are likely to allocate more to alternatives in the next few years, compared with 15 per cent of Boomers and Silents. Forty-seven per cent of young investors also use artificial intelligence to research companies or markets, and 87 per cent are comfortable with advisors using AI to help manage portfolios, yet 65 per cent still prefer to receive investment advice from a human advisor. Forty-two per cent of younger respondents also own art; among those who do not, 75 per cent are interested in owning art and 94 per cent own collectibles, the study reveals.