An unexpected consequence of COVID has been the early onset of the most significant wealth transition in history, and millennials are becoming increasingly wealthy.

Although baby boomers and Gen X still control the vast majority of wealth in the US, UK, and other significant global markets, millennials are closing the gap and are on pace to become the ‘richest generation in history.’ 

However, with greater wealth comes the need for strategic planning to ensure long-term financial security. In an era of global interconnectedness and economic volatility, millennials should be looking beyond traditional investments and borders to safeguard their future.

Among the most effective contemporary investment diversification and Plan B strategies available are Plan B residency and passport portfolios —obtaining an additional residency and or citizenship in another country.

The advantages, security, status, and benefits of a Plan B passport portfolio for wealthy millennials are unparalleled. 

From personal sovereignty, to global banking, asset diversification, and enhanced retirement planning, a passport portfolio fortifies financial standing and enables generational wealth.

Millennials and the Great Wealth Transfer

In an unanticipated shift in economic trends, millennials have demonstrated a significant wealth increase since the pandemic’s end, narrowing the wealth gap with preceding generations.

A study from the New York Federal Reserve found that American adults under 40 have witnessed their assets grow by an impressive 80% since 2019 – a rate that eclipses baby boomers and Gen X, who saw 30% and 10% increases, respectively. 

In real terms, that means millennial wealth has surged from $5 trillion to $8.9 trillion, now representing almost 7% of America’s total wealth. 

What’s behind this growth?

Essentially, there are two factors at play.

First, the unfortunate consequence of COVID meant that inheritable wealth transitioned earlier than expected.

Secondly, millennials have become big players in the stock market and the stock market has surged in the post-pandemic period — the S&P 500 hitting a record high in 2024

According to a recent survey by the Motley Fool, stocks make up a significant portion of millennial investment portfolios compared to previous generations.

Moreover, millennials prefer tech stocks, a sector that has soared in recent years—53% of millennials own tech compared to just 34% of boomers.

This preference is partly due to the generational attachment to technology but also because access to investing in stocks has never been easier. 

Additionally, millennials have demonstrated [compared to other generations] a higher tolerance to risk, are easily influenced by meme culture (remember GameStop?), and the higher barrier to entry for other assets, like property, makes stocks more attractive.

The risk factor shouldn’t be underestimated however.

The Motley Fool study also found millennials were more likely to invest in options and cryptocurrency – assets that predecessor generations generally consider too volatile, but maybe the volatility is precisely why crypto is popular with millennials.

In truth, it makes sense that millennials are becoming wealthier. 

Millennials are at an age when they’re starting to progress in their careers and enjoy more disposable income – already representing the majority of the HENRY community. 

Naturally, with time on their side, some have smartly put this towards riskier assets and have generated exceptional returns.

But there are other assets, besides stocks and cryptocurrencies, that offer similar ROI potential and can be combined with long-term security—namely, second citizenship and residency. 

Why wealthy millennials should invest in a Plan B strategy

Leveraging the strategic advantages of global financial planning is a good idea for millennials with growing portfolios. 

Central to this approach is the concept of a Plan B passport—obtaining second citizenship in another country and leveraging the power of an alternative legal identity.

Alternative legal identity

An officially issued passport to a citizen of a country is a legal record documenting the holder’s identity and is legally recognized by all countries.

Your citizenship is a central element to your identity. Two passports, even with the same name, represent two distinct and separate identities. 

Individuals who possess multiple citizenships – and thus multiple passports – can chose which identity they want to use for [just to name a few]:

  • Traveling
  • Banking
  • Conducting business
  • Signing contracts
  • Residing in a third country

Global banking

In an era of global markets, having a second citizenship allows millennials to diversify their wealth management strategies.

Most banks outside the United States, for example, will not deal with United States citizens. In truth, these banks will not deal with an American passport. By using an alternative legal identity – a Plan B passport and thus a non-US identity – these banks will open their doors to you. 

Also, some countries offer favorable tax regimes, Non-Dom Tax Programs for example. 

These programs can lower tax exposure to income, capital gains, dividends, wealth, and inheritance. 

Millennials can optimize their tax posture and retain more of their earnings – this is greatly dependent upon citizenship however.

For British non-doms, Greece and Cyprus provide an unparalleled replacement to the loss of their UK non-dom status – pending April 2025.

Second citizenship or residency can offer greater privacy, too, with enhanced confidentiality for personal and financial information. This helps protect wealth from intrusive regulations.

As an example, St. Kitts and Nevis is a world-renowned offshore banking hub. With St. Kitts and Nevis citizenship, it is possible to leverage the power of offshore banking while capitalizing on citizenship protections – including privacy.


Diversification is a foundation tenet for a healthy portfolio. 

Economic downturns, inflation, and currency devaluation constantly threaten wealth preservation. 

Diversifying investments and assets globally can protect against single-market economic challenges, regulations, and ensure a more stable financial foundation.

Global diversification is more accessible by securing a second citizenship or additional residencies. 

Millennials can tap into high-growth markets by investing in local real estate, businesses, equity funds, and other lucrative sectors in their country of choice.

Retirement planning and strategy

Today, the oldest millennials are just over 20 years from retirement age. While that may seem like plenty of time left to go, a sound and reliable retirement strategy requires decades to mature fully. 

And, at the very least, it’s worth considering possible changes in government policies and the politics that shape and mold your native society.

Potential shifts towards higher taxes on the wealthy and unpredictable political decisions can create an unstable environment for investors.

For example, in the US, President Biden has already committed his administration to a “billionaire tax” if he is re-elected in November 2024.  

Furthermore, socially, the US and the UK have been transforming in ways that many no longer believe is representative of their values. 

In the United States for example, it took nearly 50 years to change the government’s stance on abortion, and could take another 50 years before any change is possible. 

With a Plan B passport, millennials can hedge against these uncertainties and eliminate the waiting by gaining access through more stable jurisdictions that provide it—perfect for retirement.

Beyond political stability, healthcare rights and access, as well as overall quality of life are driving factors for all retirees. 

Fortunately, most countries with citizenship and Golden Visa programs also offer some of the highest medical standards and accessibility to the best healthcare in the world. 

Meanwhile, recent studies suggest the US health system provides lower-quality care than its peers and does so with one of the most expensive costs in the world. 

In many aspects, passport portfolios are not about having a backup strategy for when society turns for the worse, it is about having the option to access a better situation.

Thus, if the old-world charm and opulence of the Mediterranean or the Caribbean’s tropical paradises have ever been a dream, now is the time to make them your reality.

Astons – Partnering with millennials to secure The Great Wealth Transfer

As millennials continue to amass wealth and become a more significant player in the global market, it’s essential they consider the broader landscape of financial security and global opportunities.

Relying solely on a single domestic market and traditional assets may not suffice in an era marked by political and economic uncertainties.

Investing with a Plan B mentality and strategy is not only sound contemporaneously, but is investing with a vision for the future.

Passport portfolios offer millennials a proactive, strategic means of safeguarding the financial future of not only themselves but also their entire family—including future generations.

Plan B residencies and citizenship provide access to:

  • Global banking advantages
  • Optimize tax postures
  • Alternative legal identities
  • Effective retirement planning
  • Greater privacy and security personally, professionally, and financially

Moreover, this Plan B strategy facilitates investment diversification across international markets and currencies, providing a robust hedge against domestic challenges.

In today’s world, wealth management is not just a matter of capital accumulation but of self-preservation – in every way that matters to the investor. 

A Plan B passport is a forward-thinking move that aligns with this generation’s global mindset, financial prosperity, and stability no matter what the future holds.

But, it also requires making informed, strategic decisions and that is where partnering with Astons is invaluable.

Schedule a Free Confidential and Comprehensive Consultation with an expert at Astons today.