A new report said millennials will become the richest generation in history over the next twenty years. The only problem? The report only applies to those from already affluent families.

America's Richest Families

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The high societies that vanished during the Great Depression have made a big comeback, as proven in a new report of the wealthiest families in America. Several dynasties can be found right here in the Empire State.

The survey closely follows a report from property consultant Knight Frank that raised the alarm that wealth inequality stands to grow even deeper in America.

Data suggests the Silent Generation and Baby Boomers will hand over their $90 trillion in accumulated wealth to Millennials between now and 2044 - making Millennials the richest generation in history. 

Historians are already sounding the alarm that the conditions that triggered the Great Depression are rapidly coming back into play. The stock market crash of 1929 was partially caused by the wealth inequality between rich and impoverished Americans.

Read More: 3 Tiny New York Towns Are the Wealthiest in the Entire Country

Preceding the crash, the wealthy classes accounted for a third of all wealth while the impoverished had no savings to their name.

If you think the country still has ways to go before hitting that threshold, just know America's wealthiest family has more money than most global economies. For example, Iraq's GDP is estimated to be at $264 billion and there's an American family has far more money than that.

A New Report from Forbes

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Forbes came out with its annual list of America's 44 Richest Families, which proves that a very tiny number of Americans own a mind-blowing amount of money.

Coming in as the richest family of all was the Walton clan, who owns the Walmart empire, which gives them a net worth of $267 billion. As a comparison, the GDP of Portugal is $251 billion.

Second place was awarded to the Mars family, who are best known for their candy production. The clan of 31 members has $117 billion to their name, which is more than Slovakia's entire economy that's valued at $115 billion.

To make matters worse, America's third-wealthiest family also has more money than Slovakia's GDP, and that title goes to the Koch family and their $116 billion net worth.

As for the Glazer family who finished last on this list, their sports and real estate empire has earned them a collective net worth of $10 billion. They actually tied with the Bechtel family in last place, which makes its money in construction and engineering.

Forbes also listed what states these families call home and six entries hail from New York.

New York's Wealthiest Families


Coming in at the bottom of the list was the Tisch family, which finished in 43rd place with an overall net worth of $10.1 billion. The clan of 34 members have a diversified portfolio, meaning they have their fingers in a lot of money-making pies. Some assets include the New York Giants and Loews.

In one place above them was the Rockefeller family, finishing in 42nd. The family, which is valued at $10.3 billion, remains a juggernaut in the oil industry.

Next up on the list was the Ziff family, which ranks as America's 21st wealthiest. Their publishing dynasty and other assets like the World Surf League have earned them a cushy $18.5 billion, which is shared amongst a family of 3.

In 14th and 13th place are respectively the Hearst family and the Newhouse family. Both are known for publishing, with Hearst leaning more into media like ESPN and Newhouse claiming major stock in Charter Communications, Warner Bros. and Discovery.

The Hearst net worth is $22.4 billion while the Newhouse clan is valued at $24.1 billion.

A little farther up the list, in 11th place and securing the title as New York's wealthiest family, is the Lauder empire, which is known for the beauty brand Estee Lauder. The family of 10 has a total net worth of $25.9 billion, which is slightly less than the total GDP of Iceland.

It will be interesting to see how Forbes' list changes over the years. What industries will become the next powerhouses of the American economy? Moreover, how much richer will America's wealthiest families become?

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