Gen Z is expected to become the largest and richest economic force by 2035

The Californian economy has overtaken Japan's to become the fourth-largest in the world by gross domestic product

US existing home sales in March were the weakest since the Great Financial Crisis

People inside the Trump White House are alerting Wall Street execs they are nearing an agreement in principle on trade with India

China Commerce Ministry: there have not been economic and trade negotiations between China and the US

Gen Z: Struggling Today, Dominating TomorrowGen Z is navigating a&nbsp;paycheck-to-paycheck lifestyle, juggling&nbsp;sky-high rent&nbsp;while surviving on&nbsp;budget meals like 99-cent ramen. But in just a decade, they’re set to become&nbsp;the world’s most powerful economic force.In&nbsp;2022, Gen Z’s total income stood at $9 trillion, but projections indicate it will&nbsp;quadruple to $36 trillion by 2030&nbsp;and&nbsp;skyrocket to $74 trillion by 2040. According to a&nbsp;recent Bank of America report, this shift will make them the&nbsp;wealthiest and largest generation by 2035, as they grow to&nbsp;30% of the global population.For now, however, that financial dominance feels far off.&nbsp;Many Gen Zers are struggling to find stable jobs, afford homes, or even start families. But with&nbsp;career advancements and massive inheritance transfers ahead, their economic trajectory is poised for a major shift.Gen Z’s Current Financial Struggles: No Homes, No Kids, Just DebtLeaving college and stepping into a&nbsp;challenging job market, many Gen Zers&nbsp;can’t even afford commuting costs&nbsp;to potential job opportunities. Instead of&nbsp;starting families, they’re spoiling their pets, and homeownership feels like a&nbsp;far-fetched dream—unless an inheritance comes through.Unemployment is another challenge. According to the&nbsp;Bank of America report, the number of&nbsp;young households receiving unemployment benefits jumped 32% year over year in February. Despite stereotypes of Gen Z being lazy, the report describes them as&nbsp;"overeducated and underemployed."&nbsp;With&nbsp;white-collar job opportunities shrinking, unemployment for new workers&nbsp;rose over 9% year over year, forcing many to take jobs&nbsp;they’re overqualified for, potentially stalling long-term career growth.Yet in just&nbsp;10 years, their fortunes could completely change.&nbsp;Gen Z’s wages grew 8% year over year in February, a sign they’re&nbsp;finally entering full-time positions&nbsp;with better salaries. But the&nbsp;biggest game-changer&nbsp;for their finances? The&nbsp;Great Wealth Transfer&nbsp;coming their way.The Great Wealth Transfer: Gen Z’s Ticket to Financial PowerDespite economic hardships,&nbsp;Gen Z is expected to inherit massive wealth&nbsp;over the coming decades.A&nbsp;2021 report from Cerulli Associates&nbsp;estimates that&nbsp;$84 trillion&nbsp;will pass from&nbsp;seniors and baby boomers&nbsp;to&nbsp;Gen X, millennials, and Gen Z by 2045. While Gen X and millennials will receive the&nbsp;bulk of this wealth,&nbsp;38% of Gen Z still expects to inherit money.Combined with&nbsp;strong wage growth, this generational wealth transfer will&nbsp;catapult Gen Z into economic dominance.Even now, their&nbsp;spending power is expanding rapidly. In 2024,&nbsp;Gen Z’s global spending is projected to hit $2.7 trillion—but by 2030, that number is expected to&nbsp;surge to $12.6 trillion. Their&nbsp;spending per household&nbsp;has also outpaced the&nbsp;overall population, covering both&nbsp;necessities and discretionary purchases.Why Is Gen Z Spending So Much?Gen Z’s&nbsp;high spending habits&nbsp;are fueled by several factors:Soaring rent and education costs&nbsp;force them to allocate most of their income to essentials."Doom spending"—prioritizing&nbsp;small luxuries&nbsp;over saving for&nbsp;long-term investments&nbsp;that feel unattainable.High credit card and student loan debt, leaving little room for financial stability.The Future: Gen Z’s Influence on the EconomyDespite today’s struggles,&nbsp;businesses should take note—because when Gen Z finally&nbsp;gains financial control, they will shape the economy.Companies are already&nbsp;tailoring their strategies&nbsp;to align with Gen Z’s&nbsp;preferences, which center around:Luxury goodsE-commerceWellness &amp; beautyPetsFintech, new media, gaming, and big techAs&nbsp;their wealth grows, Gen Z’s&nbsp;values and habits will dictate which industries thrive.According to the&nbsp;Bank of America report, Gen Z could be&nbsp;one of the most disruptive generations&nbsp;in modern history, redefining everything from&nbsp;consumer spending and housing markets to diets and alcohol consumption.By 2035, Gen Z won’t just be participating in the economy—they’ll be running it.