Max Phelps, 55, is an anomaly. The mortgage broker owns 10 properties and not one of them is his own home. But in other ways, his approach to his finances is squarely in line with his peers. Phelps is part of a growing trend among people of his age to pass on his wealth before he dies. This is very different to previous generations.

Phelps is a member of Generation X, who are people born between 1965 and 1979. This group is set to be the wealthiest ever to have lived, thanks to a phenomenon known as the great wealth transfer. A study by research house McCrindle estimates this generation will inherit the colossal figure of $3.5 trillion from their parents over the next 20 years.