The American older generation has accumulated one of the largest private fortunes in history. As this wealth begins to transfer to Generation X and Millennials, the entire high-end real estate market is experiencing a ripple effect. This wave of intergenerational wealth transfer not only changes the demand structure for real estate but also reshapes the asset allocation landscape. Younger heirs face the challenge of managing and allocating this enormous wealth—from traditional real estate to alternative investments and even crypto assets—making capital seeking new growth points an inevitable trend. This process of wealth transfer essentially reflects how global liquidity is being redistributed and provides a macro perspective for understanding the current structural changes in the market.