Gen Z to be richest generation by 2035: Report

Generation Z is expected to outearn older generations by 2035, according to a new study analyzing its backgrounds and consumption habits.

People born between 1997 and 2012 will represent roughly 30% of the global population within the next 10 years, according to the report released by Bank of America. The company examined debit and credit data, which showed that Gen Z spent $2.7 trillion worldwide last year. Bank of America predicts that number will increase to $12 trillion by 2030.