The Largest Wealth Transfer in History Has Begun

An urgent exploration into how Gen Z’s focus on ethics, climate change and purpose will transform capitalism as we know it.

“Everybody in finance and wealth management should read this book – as soon as possible.” – Alec Marsh, Contributing Editor, Spear’s Magazine

Meet the author Ken Costa

For over 40 years Ken Costa has been a leading global investment banker, philanthropist and thought leader. Born in South Africa, he was active in the anti-apartheid movement as a student leader in Johannesburg and went on to study law at Queens’ College, University of Cambridge, thereafter becoming Chair of UBS Investment Bank (EMEA) and Lazard International.

He is currently chairman of Helios Fairfax, the largest private equity group in Africa. As a supporter of investment in the next generation he chairs Glorify, a meditation app. Alongside his finance career, Ken has been heavily involved in various not-for-profit organisations including the Advisory Board of the London Symphony Orchestra and Trustee of the Nelson Mandela’s Children’s Fund (UK). In 2023, he was awarded the Canterbury Cross by the Archbishop of Canterbury for outstanding contributions to the Church of England.

He created the highly successful Tick Tock Club for Great Ormond Street Hospital which has raised
£50m for the hospital. He is Emeritus Professor of Commerce at Gresham College and was coordinator of the City’s response to the Make Poverty History Campaign. He has been a contributor to The Financial Times, The Wall Street Journal, The Times and The Telegraph. He is married to Dr Fiona Costa, with whom he has four adult children.

The 100 trillion dollar wealth transfer

How the handover from Boomers to Gen Z will revolutionize capitalism

In the next ten years there will be an unprecedented wealth transfer from the so-called ‘baby
boomer’ generation to the young. There is no escaping this seismic event and, in fact, the transfer has already begun and is accelerating rapidly.

Never before will so much money – in housing, land, stocks and cash – be shifted so suddenly from one generation to the next, and never before does the next generation feel so differently about the future of the planet and of capitalism from its predecessors.

Ken Costa was nominated by Financial News as one of the top five dealmakers in Europe over the past 25 years and a seasoned investor formerly Chair of UBS Investment Bank (EMEA) and Chair of Lazard International and currently chair of Ken Costa Strategic. With his experience at the pinnacle of the finance community combined with his role as a mentor and coach for this new generation, Ken Costa is uniquely placed to both share the perspective of Boomers and comment on the vital contributions and remarkable societal and economic change that Gen Z and Millennials (“Zennials”) will bring about.

In his book, Costa shows how environmental, social and ethical concerns of younger generations are more than mere slogans; instead they are driving the future of the markets.

Published by Bloomsbury Continuum
28 September 2023
Hardback – RRP £20
ISBN: 9781399407632

Alec Marsh - Contributing Editor, Spear’s Magazine

"Everybody in finance and wealth management should read this book – as soon as possible."

Paul Polman - former CEO of Unilever, business leader, campaigner, co-author of Net Positive

"Ken Costa’s provocative and hope-filled book is for anyone who wants a more inclusive capitalism, but it is especially for the leaders who haven’t yet seen the great wealth transfer on the horizon, or who think it won’t affect them. Ken not only shows that we are facing the greatest shift in affluence, influence and values between generations that our world has ever seen. He also sets out a vision for capitalising on this moment in order to reset our economy, our societies and our future. It’s a manifesto for our times."

Hugh Evans - Co-founder and CEO of Global Citizen

"Ken Costa’s new book highlights the need for pragmatic cooperation between generations, if we are to shape the future that is already in our hands. The priority of Millennials and Gen Z is no longer amassing as much wealth as possible, but using their influence, values and newly acquired means to end poverty, tackle climate change and create a more equitable society. These may seem like ambitious goals, but I believe human beings are capable of extraordinary things – especially if they learn from the past to chart a clear path for the future with specific policy reform. Costa indicates a sustainable path towards a new form of capitalism, one in which the old and younger generations work in partnership, sharing knowledge and learning from each other, to save our planet."

Professor Michael Mainelli - Chairman, Z/Yen Group, and Sheriff of the City of London 2019-2021

"Ken’s insights challenge us to realise the huge wealth shifts, value shifts, technology shifts, and age shifts before us as we face up to the enormous inter-generational transfers from Boomers to Zennials. This book helps us bridge these generational gaps. What really matters is “CO”, as we co-lead our collectives to co-create generational trust towards a shared prosperity and destiny that spans generations"

Linda Yueh - Author of The Great Crashes: Lessons from Global Meltdowns and How To Prevent Them

"A generation without capital can never be capitalists.” This quote from the book captures well the generation gap that lies at the heart of this timely book that also importantly sets out what can be done about it."

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