Tech News
Gen Z may not be able to afford a house or the cost of living now—but give it 10 years. They’re on track to gain $36 trillion and become the richest generation

- Gen Z is expected to become the largest and richest economic force by 2035. According to a recent Bank of America report, the youngest generation of workers will amass over $74 trillion in income by 2040. It’ll be a stark—and welcome—change from their current reality of flying by the seat of their pants.
Gen Z is living the paycheck-to-paycheck 20’s lifestyle—splurging on high rent costs and dishing out 99 cent ramen noodles. Yet in just a decade, they’ll be the most powerful economic force.
Only two years ago, Gen Z had amassed $9 trillion in income; but by 2030, they’re expected to have $36 trillion. And by 2040, that number rises to $74 trillion. A recent Bank of America report shows this will place them as the richest—and largest—generation by 2035, as Gen Z is expected to grow to 30% of the global population in the next decade.
Gen Z’s projected economic dominance can feel worlds away from their current economic situation. But there might be light at the end of the tunnel as they climb up the corporate ladder and take on their family’s inheritance.
Gen Z’s current economic woes: no houses and no kids
Many young people are strapped for cash, stepping out of college and into an uncertain job market. Gen Z is having to turn down job opportunities because they can’t afford commuting expenses; spoiling their pets in lieu of having children, which have become too expensive to raise; and abandoning the pipe dream of purchasing a home—unless they receive inheritance.
Gen Z is also struggling with holding down a job: young households receiving unemployment surged 32% year-over-year in February, according to the report. But it’s not for a lack of trying, despite the naysayers. The report says Gen Z are “overeducated and underemployed,” and amid a tough white-collar labor market, unemployment for new entrants was up over 9% year-over-year in February. This results in Gen Z taking up gigs that they may be overqualified or not the right fit for, which can have long-term career ramifications.
Yet in just 10 years, this could all flip on its head. The Bank of America report notes that wage growth for Gen Z increased by 8% year-over-year in February. A part of this bump can be attributed to the generation finally entering the full-time job market, leading to higher wages. But the biggest contributing factor in their financial come-up is the “great wealth transfer,” expected to hit Gen Z bank accounts in the years to come.
The great wealth transfer into the pockets of Gen Z
With the odds stacked against them, Gen Z’s best bet on living comfortably is coming into wealth.
About $84 trillion is anticipated to pass down from seniors and baby boomers to Gen X, millennials, and Gen Z by 2045, according to a 2021 report from Cerulli Associates. Most of the money will be handed over to Gen X and millennials—but 38% of Gen Z still anticipate they will receive an inheritance, according to a separate survey.
Gen Z’s share of the pie, alongside their stark wage increases, will lead to a ballooning of their economic power. Even in the current day, the young generation is a force to be reckoned with. They have higher discretionary spending habits compared to others, and their global spending is expected to reach $12.6 trillion by 2030, compared to $2.7 trillion in 2024. Their spending growth per household has also been stronger than the overall population, including both necessity and discretionary spending, according to the report.
There’s a few reasons why Gen Z spends so much of their money: they’re pouring funds into their high rents and education costs; “doom spending” on essentials and small luxuries, instead of saving up for bigger investments that feel unattainable; and are trying to escape their high credit card and student loan debt.
But businesses should take note—once Gen Z has money to burn, they’ll be in the driver’s seat of the economy. Companies are already taking note of their preferences: luxury, e-commerce, wellness and beauty, and pets. Gen Z is also deeply invested in fintech, new media, gaming, and big tech, according to the Bank of America report. Their tastes will shape what business will thrive in 2035.
“It’s likely they will be among the most disruptive generations to economies, markets and social systems,” the Bank of America report says. “Whether it’s due to changing diets or reduced alcohol consumption or saving and housing, Gen Z will redefine what it means to be a US consumer.”
This story was originally featured on Fortune.com
Tech News
In wake of tragedies, BofA tasks senior execs with overseeing junior banker workload

Bank of America, which has come under scrutiny for its treatment of junior bankers, is changing who is overseeing the workloads of its young executives. The bank is now having senior bankers—those who hold a title of director or above—monitor the nature and volume of assignments piled on lower level staff who, in an industry famous for grueling hours, often work well into the night to complete deals.
Bank of America’s efforts come after a series of tragedies involving young people that have shaken the investment banking sector. In January, Carter Anthony McIntosh, a 28-year-old investment banking associate at Jefferies, passed away from a suspected drug overdose. McIntoch was working as much as 100 hours a week, the New York Post reported. Leo Lukenas, a BofA junior banker, died in May from a blood clot. Lukenas had worked 100-plus hour weeks before his passing. BofA in 2014 instituted policies to limit young banker hours, the junior execs were often pressured into lying about their workloads, the WSJ has reported.
To carry out its oversight program, BofA has long relied on what it calls a chief resource officer model. Under this model, BofA used mid-level executives, on one-year rotations, to allocate work to junior investment bankers, according to the Wall Street Journal.
BofA has opted to shake up the model as it seeks to build the next generation of leaders, a person familiar with the situation said. The investment bank will now rely on senior bankers, working in permanent, full-time positions across sectors and regions, who will supervise young banker development as their CROs.
Bank of America is picking volunteers or assigning the role to the senior bankers, who are no longer dealmakers, the person said. BofA is seeking executives who have a very strong leadership quality, have managed teams and feel strongly about the evolution of junior bankers, they said.
“We want all of our junior bankers to have the best experience possible, learning from the teammates they work with and further benefiting from the career growth and development this role brings,” according to a BofA statement.
BofA Securities, the investment banking division of Bank of America, employs thousands of bankers. It’s unclear how many are junior bankers. Young executives typically spend several years as a junior banker, including two as an analyst and two to three years as an associate, before they move up to vice president. At that point they usually work on a sector team, like consumer or technology or industrials.
BofA also cut roughly 150 junior investment banking roles, the person. The majority of people that were reduced were “mapped to new roles” outside of investment banking like financial analysis or strategic planning, the person said. “They were given the opportunity to move somewhere else,” they said.
This story was originally featured on Fortune.com
Tech News
Four teens charged for alleged pistol-whipping, attempted Bitcoin robbery of OnlyFans influencer

Four teenagers in Houston, Texas, were charged Thursday for assaulting and trying to steal Bitcoin and Ethereum from an OnlyFans influencer in early March. Kaitlyn Siragusa, known online as “Amouranth,” was sleeping in her home in northwest Houston when three men broke into her room and demanded cryptocurrency, reported FOX 26. Siragusa had previously posted on social media a screenshot of her more than $20 million in cryptocurrency balances, according to the New York Post.
The three men allegedly pistol-whipped the OnlyFans influencer three times before Siragusa’s husband fired shots at the suspects, who then fled Siragusa’s home, according to FOX. The Harris County District Clerk’s Office identified the three men on Friday as Demarcus Morris Jr., 17; Dylan Nesho Campbell, 18; and Bryan Anthony Salazar Guerrero, 19. Officials also identified a 16-year-old as a suspect.
“They brought duct tape and masks and were armed with handguns,” Siragusa posted on X.
The assault and attempted robbery is just one of a series of recent attacks on individuals with known crypto holdings.
In late January, French police leapt into action after a group of criminals kidnapped David Balland, cofounder of the crypto hardware developer Ledger, and his wife, demanding a ransom in Bitcoin. French authorities, however, tracked down the kidnappers and rescued the couple. Balland’s wife was found unharmed but the Ledger cofounder had his finger severed in the ordeal. The Paris prosecutor’s office said that police had arrested 10 individuals alleged to be part of the kidnapping.
And in February, six men were accused in a Federal Bureau of Investigation affidavit of kidnapping three family members and a nanny from a Chicago townhouse, according to the Chicago Tribune. The criminals released the victims after they forced the family to hand over more than $15 million in cryptocurrency.
Crypto executives and wealthy crypto owners are taking notice. Some are hiring bodyguards to protect themselves from would-be attackers, according to WIRED. And others are buying up “wrench-attack” insurance, or policies designed to insure individuals if they’re the victims of a physical-force crypto robbery.
“In general the best things Bitcoiners can do to stay safe is to remain private,” Jameson Lopp, a famous early Bitcoiner, told Fortune. “The goal should be to avoid becoming a target,” he said. “Don’t go around telling anyone about your Bitcoin holdings. Don’t flaunt your wealth online or in meatspace. Don’t engage in risk activities such as high-value face-to-face trades.”
This story was originally featured on Fortune.com
Tech News
A French politician wants the U.S. to return the Statue of Liberty after 140 years. But it can’t actually do that

Hey, America: Give the Statue of Liberty back to France.
So says a French politician who is making headlines in his country for suggesting that the U.S. is no longer worthy of the monument that was a gift from France nearly 140 years ago.
As a member of the European Parliament and co-president of a small left-wing party in France, Raphaël Glucksmann cannot claim to speak for all of his compatriots.
But his assertion in a speech this weekend that some Americans “have chosen to switch to the side of the tyrants” reflects the broad shockwaves that U.S. President Donald Trump’s seismic shifts in foreign and domestic policy are triggering in France and elsewhere in Europe.
“Give us back the Statue of Liberty,” Glucksmann said, speaking Sunday to supporters of his Public Place party, who applauded and whistled.
“It was our gift to you. But apparently you despise her. So she will be happy here with us,” Glucksmann said.
The White House brushed back on the comments Monday, saying France instead should still be “grateful” for U.S. support during World War I and World War II.
Can France claim it back?
Dream on.
UNESCO, the United Nations’ cultural arm that has the statue on its list of World Heritage treasures, notes that the iconic monument is U.S. government property.
It was initially envisaged as a monumental gesture of French-American friendship to mark the 100th anniversary of the July 4, 1776, Declaration of Independence.
But a war that erupted in 1870 between France and German states led by Prussia diverted the energies of the monument’s designer, French sculptor Frédéric-Auguste Bartholdi.
The gift also took time to be funded, with a decision taken that the French would pay for the statue and Americans would cover the costs of its pedestal.
Transported in 350 pieces from France, the statue was officially unveiled Oct. 28, 1886.
Is France’s government offering asylum to Lady Liberty?
No. French-U.S. relations would have to drop off a cliff before Glucksmann found support from French President Emmanuel Macron’s government.
For the moment, the French president is treading a fine line — trying to work with Trump and temper some of his policy shifts on the one hand but also pushing back hard against some White House decisions, notably Trump’s tariff hikes.
Macron has let his prime minister, François Bayrou, play the role of being a more critical voice. Bayrou tore into the “brutality” that was shown to Ukrainian President Volodymyr Zelenskyy during his White House visit and suggested that Trump’s administration risked handing victory to Russia when it paused military aid to Ukraine.
Glucksmann’s party has been even more critical, posting accusations on its website that Trump is wielding power in an “authoritarian” manner and is “preparing to deliver Ukraine on a silver platter” to Russia.
In his speech, Glucksmann referenced New York poet Emma Lazarus’ words about the statue, the “mighty woman with a torch” who promised a home for the “huddled masses yearning to breathe free.”
“Today, this land is ceasing to be what it was,” Glucksmann said.
What is the White House saying?
White House press secretary Karoline Leavitt was asked Monday about Glucksmann’s comments, and responded that the U.S. would “absolutely not” be parting with the iconic statue.
“My advice to that unnamed low-level French politician would be to remind them that it’s only because of the United States of America that the French are not speaking German right now,” Leavitt said, apparently referencing the U.S. fight with allied powers to free France from Nazi occupation in World War II and alongside France during World War I. “They should be very grateful.”
But the debt of gratitude runs both ways. Leavitt skipped past France’s key role in supporting the future United States during its war for independence from the United Kingdom.
Leavitt is one of three administration officials who face a lawsuit from The Associated Press on First- and Fifth-Amendment grounds. The AP says the three are punishing the news agency for editorial decisions they oppose. The White House says the AP is not following an executive order to refer to the Gulf of Mexico as the Gulf of America.
This story was originally featured on Fortune.com
-
Tech News3 months ago
How Costco’s formula for reaching uncertain consumers is pushing shares past $1,000 to all-time highs
-
Tech News3 months ago
Luigi Mangione hires top lawyer—whose husband is representing Sean ‘Diddy’ Combs
-
Tech News3 months ago
Lego bricks have won over adults, growing its $10 billion toy market foothold—and there’s more to come
-
Tech News3 months ago
Quentin Tarantino thinks movies are still better than TV shows like Yellowstone
-
Tech News3 months ago
Inside the FOMC: Boston Fed President Susan Collins on changing her mind, teamwork, and the alchemy behind the base rate
-
Tech News3 months ago
Nancy Pelosi has hip replacement surgery at a US military hospital in Germany after falling at Battle of the Bulge ceremony
-
Tech News3 months ago
Trump and members of Congress want drones shot down while more are spotted near military facilities
-
Tech News3 months ago
Hundreds of OpenAI’s current and ex-employees are about to get a huge payday by cashing out up to $10 million each in a private stock sale