Some $2.4 trillion worth of real estate will be left to its owners’ heirs as inheritances over the next decade, according to a new report from Coldwell Banker.
The historical shift is all part of $4.6 trillion global real estate activity that is expected to take place over the next 10 years, Coldwell Banker Global Luxury’s latest trend report says. And the biggest beneficiaries will be members of the Generation X and millennial cohorts.
“The next generations are inheriting a historic amount of wealth and approaching luxury with intention,” said Michael Altneu, vice president of the Coldwell Banker Global Luxury program. “They are choosing homes that reflect their identity, support their day-to-day lifestyles, and protect long-term financial value. For many, real estate has become a strategic piece of their wealth planning and a sanctuary for their well-being.”
As the global wealth transfer unfolds, the 2026 trend report finds that the luxury housing market has begun to diverge from the broader real estate landscape.
While higher mortgage rates and affordability challenges have tempered activity in some markets, affluent buyers are steadily expanding their property portfolios, according to the study.
Since 2020, it found global wealth among high-net-worth individuals has grown nearly 40%, including a 29.4% increase in their real estate holdings, “underscoring real estate’s role as a long-term wealth anchor.”
The report is drawn from three years of luxury home sales data, insights from global wealth research companies, and a survey of more than 100 Coldwell Banker Global Luxury agents, which the firm calls “property specialists.”
It finds that broader wealth accumulation is further reshaping luxury demand, with buyers viewing real estate as a resilient investment, favoring value and experience-driven homes, and embracing "living large" over quiet luxury. These shifts are setting the stage for several key trends that will define where the luxury market is headed next.
Resiliency
Luxury markets have remained notably steady. Nearly 80% of the surveyed agents describe their markets as “resilient,” also, citing steadily rising median prices and inventory that continues to turn, indicating healthy supply and demand.
In the U.S., single-family luxury home prices increased 3% in 2025, while sales rose 4%, underscoring sustained momentum at the high end. At the same time, wealthy individuals increased their overall holdings by nearly 40% between 2020 and 2025, and their real estate assets by almost 30%.
“What we’re seeing is confidence, not caution,” Altneu said. “Luxury buyers are staying active, prices are holding, and demand is concentrating in markets that offer lifestyle depth and long-term stability. That’s why these markets continue to perform.”
Beneficiaries
Gen Xers will be the primary recipients of the near-term transfers, while millennials are set to inherit the largest share over the long term, according to the report. Individuals with $5 million to $30 million in net worth will drive 65.7% of the property wealth transfers.
Spending
Luxury buyers are increasingly treating the home as both a lifestyle investment and a core wealth strategy, fueling a rise in what the report defines as a “nest investing” dynamic. Home-related spending among those with a net worth of $30 million or more is projected to outpace the growth of spending on personal luxury goods by 18.5%.
Also, younger heirs are allocating a larger share of their portfolios to real estate compared with older generations.
“Younger buyers are approaching asset allocation differently than older generations,” Altneu said. “They’re weighting real estate more heavily in their portfolios, signaling a preference for stability, utility and long-term value.”
Hot Spots
Wealth migration is redrawing the global luxury map, and a new class of cities is emerging as the next-generation safe harbors for affluent buyers, the report says.
Affluent buyers are seeking out markets based on their stability, long-term real estate value, and lifestyle amenities, putting a new crop of cities on the luxury map. High-growth luxury markets include Atlanta, San Diego, Nashville, Dallas, Salt Lake City, and Minneapolis.
Each of these places exhibit the same resiliency characteristics that were once associated with New York and London. And all have experienced steady price appreciation over the last five years, while simultaneously offering robust local economies, diverse industries, and lifestyle amenities.
“Affluent buyers have more geographic flexibility than ever before,” Altneu said. “As wealth becomes more mobile, buyers are choosing different cities, and that shift is changing where luxury demand concentrates globally.”
