The “great transfer”: how baby boomers wish to pass on their wealth
Belgium is preparing to experience the largest wealth transfer in its history. Driven by the ageing of the baby boomer generation, this 'great transfer' of wealth will reshape the country's financial and property landscape over the coming years. A survey1 of 1,114 Belgians aged 65 and over, conducted by BNP Paribas Fortis, reveals this generation's intentions and priorities regarding the transfer of their assets.
The gradual disappearance of the baby boomer generation, which holds a significant proportion of financial and property assets, will rebalance wealth dynamics. Over the next 15 years, this phenomenon will lead to an unprecedented transfer of assets. Affecting individuals born between 1946 and 1964, it will trigger a massive redistribution worldwide, with baby boomers expected to pass on assets worth an enormous 84.4 trillion dollars1. In Belgium, this process is referred to as the “great transfer”.
Three out of four seniors are in favour of making a donation during their lifetime.
The peak of the 'great transfer' is expected to occur around 2040. While it raises major economic, tax and societal challenges, it is also a structuring factor for future generations, particularly when it comes to key decisions regarding wealth, such as access to housing.
To assess the intentions of baby boomers regarding donations, BNP Paribas Fortis conducted an exclusive survey of more than 1,000 representatives of this generation.
The first striking finding is that almost three out of four seniors say they are in favour of making a donation during their lifetime.
In detail:
- 25% have already transferred part of their assets.
- 15% are considering doing so in the near future.
- 31% have not yet thought about it, but are open to the idea.
- 29% are not open to making a donation during their lifetime.
"This desire for early transfer is occurring at an increasingly younger age and is often part of a support strategy for key moments in children's lives. This is particularly the case when they face their main financial obstacle: access to housing”, points out Isabelle Brévière, Director of Estate Planning at BNP Paribas Fortis.
Property at the heart of intergenerational transfer
In Belgium, household property wealth amounts to €1.974 trillion2, or 327% of GDP, while financial wealth amounts to €1.309 trillion. The wealth of baby boomers in Belgium peaks between the ages of 65 and beyond. By this time, they have accumulated a median wealth of over €307,7003, compared to €337,400 among individuals aged over 75. In addition to property, accumulated savings also peak in this age group.
At all ages, property is the main component of wealth. This is particularly true for those aged 65–74, for whom 'brick and mortar' accounts for almost two-thirds of total wealth. Baby boomers therefore hold a considerable share of Belgian capital set to be transferred in the coming years. This is particularly pertinent given that baby boomers represented around 14.4% of the Belgian population in 2024 (compared with 12.5% ten years earlier), and projections indicate that the median age will continue to rise in the years ahead4. This demographic shift makes early estate planning increasingly urgent for both donors and beneficiaries.
Among baby boomers who are open to making a donation, 20% wish to transfer property only and 18% are considering a combination of movable and immovable assets. In other words, almost four in ten seniors in favour of making a donation include property in their wealth strategy.
This trend is even more pronounced among seniors who own several residential properties: one third of them (33%) wish to transfer both property and financial assets. This reflects the structure of Belgian wealth, which is largely invested in property.
In a context where personal contribution plays a decisive role in accessing mortgage credit, these transfers, whether in the form of cash, property, or both, are becoming a key factor in shaping the housing journeys of future generations.
Contrasting regional realities
The survey also reveals differences in donation preferences according to regional wealth structures.
In Flanders, for example, seniors are more likely to favour donations of movable assets. 38% wish to donate financial assets only, compared with 16% who favour property donations only.
- In Brussels and Wallonia, donations of property only are more common, at 27% and 24% respectively, compared to 28% and 24% for donations of financial assets.
These differences do not reflect cultural distinctions, but rather different wealth compositions. In Flanders, median household wealth has historically been higher, with a greater proportion of diversified financial assets. In Brussels and Wallonia, property represents a larger proportion of household wealth. These divergences appear to point to differences in investment strategies and regional economic opportunities.
Reducing tax and supporting children: the two main drivers
The main motivation for making a donation remains the reduction of inheritance tax, cited by 68% of seniors in favour of donations, rising to 77% among those who own several properties. Financial support for children comes second (46%). In practice, this support often aims to help with specific projects, such as the purchase of a first home, at a time when financial needs are greatest.
In addition, 82% of seniors in favour of making a donation primarily wish to transfer assets to their children, and almost 46% of grandparents are considering a direct transfer to their grandchildren, sometimes as part of a transgenerational transfer strategy.
A growing need for support
Property donations are still perceived by donors as complex and costly transactions. According to the data, cost is identified as the main obstacle by one in three seniors (32%), ahead of tax and legal complexity (16%). Concern about costs rises to 41% among those who intend to make a donation in the short term.
In this context, half of seniors in favour of making a donation consider personalised support from a notary to be essential. Overall, 47% of respondents now expect their bank to provide information, planning or advisory services, a figure which rises to 62% among those planning to make a donation in the near future.
"We see that Belgians are increasingly aware of the importance of anticipating the transfer of their wealth, both to optimise taxation and to provide concrete support for their loved ones' projects. This survey confirms that property remains at the heart of wealth considerations and that professional support is becoming essential for navigating legal and tax complexities”, concludes Isabelle Brévière.
With its 32 specialist estate planners, BNP Paribas Fortis aims to meet this growing expectation by supporting its clients in making early, structured and balanced wealth transfers, thereby helping to secure the choices of donors and the life projects of future generations.
1 The figures come from a quantitative online survey (CAWI) conducted between 24 November and 1 December 2025 among 1,114 Belgians aged 65 and over. Commissioned by BNP Paribas Fortis, the survey examined intentions and considerations relating to donations of movable and immovable assets. The sample is representative in terms of age, gender, language and region. The margin of error is 3%.
2 Source: Trident Trust – Intergenerational Transmission of Wealth: Threats and Opportunities
3 Source: National Bank of Belgium
4 Source: National Bank of Belgium – Early results of the fourth wave of the Belgian Household Finance and Consumption Survey
5 Source : Eurostat, Demography of Europe – 2023 edition
