A valuable exploration of the topic and a thought-provoking read.” —Financial Times
“Everybody in finance and wealth management should read this book – as soon as possible.” —Alec Marsh, Contributing Editor, Spear's Magazine
“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.” —Paul Polman, former CEO of Unilever, business leader, campaigner, co-author of Net Positive
“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.” —Hugh Evans, co-founder and CEO of Global Citizen
““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.” —Linda Yueh, author of The Great Crashes: Lessons from Global Meltdowns and How To Prevent Them
“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 co-llectives to co-create generational trust towards a shared prosperity and destiny that spans generations.” —Professor Michael Mainelli, Chairman, Z/Yen Group, and Sheriff of the City of London 2019-2021
“Ken Costa argues that the great wealth transfer of trillions of dollars from one generation (the Boomers) to the next (the Zennials) may become the defining movement of the 21st century. His book beautifully describes the characteristics of these two generations, and the tensions that have arisen between them and for society. The book is vital reading for anyone who wants to understand more about this momentous financial shift and the dramatic economic and social changes it may trigger. Ken Costa's insights, arising from years of relevant experience, provide not only incisive commentary and thorough analysis, but also fresh and creative ways that we can (indeed he argues, must) work together to solve these huge societal problems. Many of these creative ideas reflect themes which Ken developed while Professor of Commerce at Gresham College. I wholeheartedly recommend this book as a razor-sharp yet compassionate attempt to resolve the clash of generations and to pave the way for what Ken terms a socially energised capitalism fit for the times in which we live.” —Professor Martin Elliott, Provost, Gresham College
“As an experienced leader, as well as a trailblazer in forging relationships with younger generations, Ken Costa is uniquely positioned to comment, advise and warn on the historic wealth transfer we've already begun to see.
An illuminating and prophetic exploration, this book convincingly shows how leaders from across the generations must really come together, if we are to thrive as a society as well as a global economy. As Ken Costa shrewdly points out, CO is clearly the way ahead; collaboration, compassion and community are more than just buzzwords – they are the pillars upon which our newly socially energised capitalism must be founded.” —John C. Maxwell – NYT Best Selling Author, Leadership Expert and Coach
“The 100 Trillion Dollar Wealth Transfer is a gripping and insightful testimony of how intergenerational harmony and wisdom is essential for a thriving world. Ken Costa understands, as younger generations do, that you can create value in a market economy without abandoning your values. A powerful financial, societal and generational transition is occurring. For it to be successful, generations cannot navigate it on their own. In this book, Ken shows that uniting the spiritual hunger and ethical commitment of Zennials with the wisdom and experience of Boomers will guide us all to a more purposeful and prosperous future.” —Rick Warren – author of the New York Times international bestseller The Purpose Driven Life
“[Ken Costa] makes a convincing case on the need for a change in attitudes and working practices and has some practical advice for how business leaders can adapt their management style and organisations, all backed up with a wealth of data and anecdotes. The arguments considered in this book need to be taken seriously by business leaders, executives and managers who are having problems understanding their younger workers.” —MoneyWeek
2023-10-05
An examination of “the largest flow of generational capital ever seen in the history of humanity.”
It turns out that millennials and Gen Z are not “entitled, ungrateful, impatient good-for-nothings who complain about everything.” According to Costa, a former chairman of UBS Investment Bank, “at heart, [they’re] a deeply prophetic generation, willing to scrutinize every angle of the prism of society and call out a future that is not yet realized.” But, with the titular event looming as baby boomers age, the youngsters must be carefully mentored so that when they “inherit the financial world [they may] treat that responsibility in a grown-up way.” Adopting the portmanteau Zennial to describe both generations together, Costa alternately reassures his fellow boomers that their successors aren’t all that bad—in fact, “many…are ‘grown up’ ”—and warns them that if they don’t start engaging productively with Zennials, “capitalism dies.” While the author accepts responsibility on behalf of his generation for the “bad hand” Zennials find themselves holding, his ability to see beyond the financial sphere is limited; he lays at young people’s feet “what we’ve seen happen socially, good and bad, in the 2010s and 2020s.” What about Brexit and Trumpism? Writing to a presumed audience of “intellectually privileged” boomer peers, Costa seems unaware that even as he calls for “a world in which boomers don’t patronize Zennials,” he models exactly that throughout. The author is short on analysis and long on buzzwords. Repeatedly, we learn that the future of capitalism rests on the fusion of “Boomer hindsight [and] Zennial insight.” Costa is also weak on strategy, as he offers no concrete tools for managing the $100 trillion transfer. He does offer up “a new way of working [called] CO,” or “a shift from me to we,” gesturing at length and with much repetition to the promise of intergenerational collaboration.
Gassy and patronizing. OK, boomer.
