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BofA Presentation on 2026 Economic Trends

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BofA Presentation on 2026 Economic Trends

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Wealth Transfer

• Baby Boomers now own $85 trillion or more than half of U.S. household net worth. Some $105 trillion is expected to be inherited by members of Generation X, Millennials, and Generation Z through 2048 in the U.S.*

• Supported by appreciating Equities and home prices, boomer spending was a key driver of U.S. consumer resilience in 2025, a theme that we see continuing in 2026.

• The transfer of assets to the next generation of investors and consumers should mean greater demand for traditional stocks and bonds and alternative investments for qualified investors.

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• Data center power demand could more than double within five years, concentrated in PJM* states (PA, NJ, MD, and more)—testing grid capacity and planning.

• In the U.S., data centers consume around 5% of electricity but may account for 35% of incremental demand through 2035.²

• The race to build AI infrastructure faces critical constraints: securing grid connections, not just generating power. Transmission delays and interconnection queues can stall projects.