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Despite little wage growth and declining job prospects among young Americans, the U.S. is home to vast stores of wealth and a millionaire class that outsizes that of any other country in the world. And it’s about to get even bigger.

The number of Americans who meet the millionaire threshold is set to increase by an average of 1,700 every day for the coming years, Bloomberg reports, based on projections by the Boston Consulting Group. By the year 2020, the U.S. is expected to welcome 3.1 million new members into its millionaires’ club, which grew by 2.4 million from 2010 to 2015.

Today, there are about 8 million American households with assets worth more than $1 million, excluding properties and luxury goods, the firm said.

The coming spike in individual wealth will largely be due to what Bloomberg calls “the largest generational transfer of wealth in history.” Much of America’s wealth is concentrated among older generations, whose mostly already affluent offspring are about to inherit a fortune.

Inheritance matters in maintaining financial growth, […]