Millennials are ‘very ill-prepared’ to be the richest generation in history, wealth manager says

Millennials are poised to be the wealthiest generation in history, but are they ready to handle the large inflow of money?

A vast $90 trillion wealth transfer over the next 20 years will likely make millennials "the richest generation in history," according to estimates from global real estate consultancy Knight Frank.

It found that the so-called silent generation — those typically born between 1928 to 1945 — and baby boomers — born from 1946 and 1964 — will "hand over the reins" to millennials — those born between 1981 and 1996 — when they pass on their assets.

Millennials have been portrayed as lazy and frivolous spenders, more keen to open their purse strings for avocado toasts instead of saving for a house — so just how equipped are they in managing the seismic flow of income? 

"The millennials are very ill prepared … they're not as well prepared as the wealth creating generation," Salvatore Buscemi, co-founder and managing partner of multi-family office Brahmin Partners told CNBC.

By the time the millennials inherit this wealth, they will be in their 40s and may not have the aptitude for starting their own business or for investing, he elaborated.

"They don't have the skill sets earlier on to be able to do that because they never had to - they were never pushed," he said. "And the problem is - are they going to be motivated later in life to push themselves to acquire these skill sets?" asked Buscemi, adding that human nature suggests that people are less inclined to pick up new skills as they age.

The millennial generation is likely to be focused on near-term goals while those that precede them are more focused on saving for milestones like family building and retirement, experts suggest. 

Although millennials lived