JPMorgan CEO Jamie Dimon said he believes younger generations should remain optimistic about the US economy – as long as a nuclear war doesn’t occur.
Dimon, who recently warned that the economy faces ‘considerable turbulence’ due to the global trade war, said he strongly believes that those in Gen Z and Gen Alpha will thrive financially and also live longer, healthier lives thanks to technology.
Specifically, he said these generations will benefit from the Great Wealth Transfer – when inheritance is passed from boomer and Gen X relatives.
‘These kids, anyone who’s depressed—as long as we don’t have nuclear war—they’re going to have an unbelievable life,’ Dimon, who is worth $2.3 billion, told Fox News.
‘People say the next generation’s in bad shape. Really? They’re going to inherit a country that’s worth two [or] three hundred trillion dollars. They’re probably going to live to 120; AI is going to cure some cancers.’
Instead of ‘bemoaning’ the country’s current situation, America’s top banker told the outlet younger generations ‘should be looking at the world and saying, “What can I make of it? What can I do better than the folks before me?”‘
Gen Zers – or people between 1997-2012 – have grown increasingly worried about the future of the economy and their everyday lives.
As a way to cut costs, younger adults have turned to raising pets instead of having children due to the cost of raising kids, while others have chosen to turn down job opportunities because they can’t afford required uniforms or the commute there, Fortune reported.
JPMorgan CEO Jamie Dimon aid he believes younger generations should remain optimistic about the US economy and living a longer, healthier life due to technology
He said all of this is possible for Gen X and Gen Alpha generations as long as a nuclear war doesn’t happen. (Pictured: Stock image)
Many have also been letting go of their dreams of becoming homeowners in the near future, unless they have inheritance coming their way.
An estimated $84 trillion is expected to transfer over from baby boomers and Gen Xers by 2045, according to US Wealth Management.
Those people hold 64 percent of the country’s $190 trillion of wealth, the Federal Reserve stated.
While Gen Zers and members of Gen Alpha are expected to come into a great deal of money, according to Dimon, Millennials also have a similar future in store.
Although some members of the silent generation are choosing to pass on their riches and investments to family members, others have opted to to sell their thriving businesses to entrepreneur Millennials, Fortune previously reported.
If all goes as planned, Millennials are expected to be the wealthiest generation in history, per the report.
Other than being responsible with your finances, Dimon noted that the best way to prepare for a successful future is to take care of yourself first.
‘Take care of yourself. If you don’t take care of your mind, your body, your spirit, your soul, your friends, your family, you’re not going to have a great life and enjoy it,’ he told Fox host Maria Bartiromo.
Other than being responsible with your finances, Dimon noted that the best way to prepare for a successful future is to take care of yourself first
‘Have a little heart and humanity, treat people properly. [The way] I grew up, the way you treat everyone is fair and honest and forthright … and you’ll have a great life.’
Coming from the leader of America’s largest bank, Dimon made it clear that a great deal of effort still has to be put in by younger generations in order for them to see this drastic change.
‘Work hard. Learn, learn, learn, read everybody—don’t get into the echo system of Democrats, Republican, conservative, progressive … learn from everybody else,’ he said.
Just days ago, Dimon warned Americans to be prepared for a drastic shift in the economy due to Trump’s tariffs.
He made the warning even after the president paused reciprocal tariffs for 90 days to allow for negotiations.
Dimon’s comments Friday suggest he believes some damage may already be done. The pause only applies to the so-called reciprocal tariffs — the blanket 10 percent on all trading partners remains, as does the 25 percent levy on imported cars.
‘The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and “trade wars”, ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,’ he said.
Just days ago, Dimon warned Americans to be prepared for a drastic shift in the economy due to Trump’s tariffs. (Pictured: Trump on Friday)
‘As always, we hope for the best but prepare the firm for a wide range of scenarios.’
The comments follow Trump’s announcement of a 90-day pause on reciprocal tariffs— except for China.
Dimon was credited with pushing Trump to make the U-turn after an appearance on Fox Business’s Mornings with Maria show on Wednesday morning.
S&P 500 companies have just kicked-off the earnings season, reporting results for January through March and offering forecasts for the rest of the year.
Dimon warned that many may be forced to lower their earnings guidance — or scrap it entirely — because of tariff-related uncertainty. The last time companies routinely pulled their guidance was at the onset of the pandemic.
The White House said it would raise tariffs on Chinese goods to 145 percent, triggering swift retaliation from Beijing, which responded with its own 125 percent tariff on U.S. exports.
