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Who Expects to Get Richer in 2024, by Both Generation and Gender

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See this visualization first on the Voronoi app.

A graph showing the percentage of people surveyed in the Knight Frank Next Gen Survey, sorted by generation and gender, and whether they anticipate a wealth increase in 2024.

Who Expects to Get Richer in 2024, by Generation and Gender

This was originally posted on our Voronoi app. Download the app for free on Apple or Android and discover incredible data-driven charts from a variety of trusted sources.

The jury is still out on how the global economy is expected to perform in 2024, but as seen during the pandemic, economic turmoil sometimes provides opportunities for the wealthy.

We visualize the percentage of high net worth individual (HNWI) respondents who expect their wealth to increase in 2024, categorized by generation and gender, from the Knight Frank Next Gen Survey, accessible in their latest wealth report.

The survey covered 600 global HNWIs, who are individuals with more than $1 million in assets or make more than $200,000 a year, and then categorized their responses by gender and generation.

Affluent Gen Z Women Eye Financial Gains in 2024

At a glance, there’s a very apparent generational difference in the expectations of getting richer in 2024.

About half (52%) of the surveyed Baby Boomers think their assets will grow, compared to Gen X (56%), Millennials, (69%), and Gen Z (75%).

GroupMaleFemaleOverall
👴 Boomer53%50%52%
👩‍🦳 Gen X56%56%56%
👩‍🦱 Millennial75%64%69%
🧑‍🦰 Gen Z69%81%75%
👨‍👩‍👧‍👦 All Generations68%63%65%

Note: Percentage of respondents who said they expect their wealth will increase in 2024.

There’s also a noticeable gender difference. Men tend to be more optimistic than women, with one glaring exception.

A staggering 81% of the surveyed high net worth Gen Z women expect to make hay this year, making them the most optimistic of all the groups.

This corroborates a trend where Gen Z women were also the most optimistic in retirement planning. As CNBC reports, a combination of newer avenues of financial resources, and an openness towards advice, has given them a more optimistic attitude than their older counterparts.

Meanwhile, American Millennials are expected to become the richest generation ever as a $90 trillion asset transfer between Boomer parents and Millennial children begins to take place over the next two decades.

A huge percentage of that wealth comes in the form of property assets accumulated by generations before them. This especially includes houses, whose prices have skyrocketed over the last two decades.

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How Debt-to-GDP Ratios Have Changed Since 2000

See how much the debt-to-GDP ratios of advanced economies have grown (or shrank) since the year 2000.

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How Debt-to-GDP Ratios Have Changed Since 2000

This was originally posted on our Voronoi app. Download the app for free on Apple or Android and discover incredible data-driven charts from a variety of trusted sources.

Government debt levels have grown in most parts of the world since the 2008 financial crisis, and even more so after the COVID-19 pandemic.

To gain perspective on this long-term trend, we’ve visualized the debt-to-GDP ratios of advanced economies, as of 2000 and 2024 (estimated). All figures were sourced from the IMF’s World Economic Outlook.

Data and Highlights

The data we used to create this graphic is listed in the table below. “Government gross debt” consists of all liabilities that require payment(s) of interest and/or principal in the future.

Country2000 (%)2024 (%)Change (pp)
🇯🇵 Japan135.6251.9+116.3
🇸🇬 Singapore82.3168.3+86.0
🇺🇸 United States55.6126.9+71.3
🇬🇧 United Kingdom36.6105.9+69.3
🇬🇷 Greece104.9160.2+55.3
🇫🇷 France58.9110.5+51.6
🇵🇹 Portugal54.2104.0+49.8
🇪🇸 Spain57.8104.7+46.9
🇸🇮 Slovenia25.966.5+40.6
🇫🇮 Finland42.476.5+34.1
🇭🇷 Croatia35.461.8+26.4
🇨🇦 Canada80.4103.3+22.9
🇨🇾 Cyprus56.070.9+14.9
🇦🇹 Austria65.774.0+8.3
🇸🇰 Slovak Republic50.556.5+6.0
🇩🇪 Germany59.364.0+4.7
🇧🇪 Belgium109.6106.8-2.8
🇮🇱 Israel77.456.8-20.6
🇮🇸 Iceland75.854.6-21.2

The debt-to-GDP ratio indicates how much a country owes compared to the size of its economy, reflecting its ability to manage and repay debts. Percentage point (pp) changes shown above indicate the increase or decrease of these ratios.

Countries with the Biggest Increases

Japan (+116 pp), Singapore (+86 pp), and the U.S. (+71 pp) have grown their debt as a percentage of GDP the most since the year 2000.

All three of these countries have stable, well-developed economies, so it’s unlikely that any of them will default on their growing debts. With that said, higher government debt leads to increased interest payments, which in turn can diminish available funds for future government budgets.

This is a rising issue in the U.S., where annual interest payments on the national debt have surpassed $1 trillion for the first time ever.

Only 3 Countries Saw Declines

Among this list of advanced economies, Belgium (-2.8 pp), Iceland (-21.2 pp), and Israel (-20.6 pp) were the only countries that decreased their debt-to-GDP ratio since the year 2000.

According to Fitch Ratings, Iceland’s debt ratio has decreased due to strong GDP growth and the use of its cash deposits to pay down upcoming maturities.

See More Debt Graphics from Visual Capitalist

Curious to see which countries have the most government debt in dollars? Check out this graphic that breaks down $97 trillion in debt as of 2023.

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