The new face of wealth: how the next generation is reshaping London

Every generation likes to forge their own path and that’s certainly true in London’s prime property market today. When Knight Frank asked a cohort of 18-35 year olds about their financial aspirations, the Next Generation Survey found that trophy cars and private jets came very much second to high-end real estate as the most desired luxury asset.

The Wealth Report 2026 compounded that view, declaring that today, “experiences trump acquisitions”. This Next Gen audience wants to shop on thoughtfully curated High Streets, holiday off the path most travelled and live in a home that reflects their own wellness and lifestyle aspirations rather than temporary trends. It’s fair to say that the world of wealth is evolving.

“The key factor in this change is that it no longer takes a lifetime to make your fortune, or 30 or 40 years in a career to earn serious wealth,” says Stuart Bailey, Head of Super Prime Sales at Knight Frank and newly appointed Co-Head of London Private Office. “Instead, today’s tech enables serious wealth to be made at speed, which creates the opportunity in your 20s and 30s to own your dream house, quicker than in most previous generations.”

This group is also far more discreet about displaying their wealth Bailey says: “Social media provides so many opportunities to ‘show off’ today, but what we see is that people with that level of affluence often value discretion. How they experience their homes is key. Creating your own bar or club at home and enjoying the company of friends in private, can be a more enjoyable experience for many than being pictured in a fashionable hotel or restaurant.”

Alongside this ability to earn wealth at a younger age, there’s the significant equity that younger generations are set to inherit. Baby boomers continue to control the majority of global wealth - in the US alone, they represent 20% of the population but control around 52% of household wealth according to Federal Reserve data - but the transfer to the younger generation has begun. And what a transfer it is. Some US$18 trillion in assets will be handed down globally between 2025 and 2030, says investment management company Vanguard, the largest intergenerational transfer of assets in history.

“These two main drivers, the ability to build scalable businesses quickly and the vast wealth transfer, along with modern technology, results in an audience that is more transient, often choosing to spend blocks of time each year in major cities such as London or New York,” says Rupert des Forges, Head of Prime Central London Developments and, with Bailey, now Co- Head of London Private Office. “For globally mobile affluent individuals, their priorities today focus on flexibility, purpose and wellness.”

What does this shift signify for London’s prime property markets?

“London property is an established asset class for global clients and that’s equally true of younger generations,” says des Forges. “As the political landscape elsewhere becomes more uncertain, London offers stability. It’s something I hear on repeat from clients. Yes, some left London to live in Dubai or in European capitals but we’re certainly seeing a ‘three year itch’ with people returning, and most of those who left retained property here. It was never a complete severance. London is an easy city to live in, low rise, well connected and filled with things to do. The desire to be here is shown in the surge in demand for luxury rentals, an incredibly strong market and an area that I think will only continue to grow as the next generation comes through.”