Ajmal Bhatty
Promoter of ethical solutions for financial inclusion
Founder of World-Of-Takaful

You can find a more detailed expose of this post in a paper of same title on the World-Of-Takaful historical archives.

Inheritance systems have historically shaped wealth distribution, social structures, and marriage dynamics, with profound implications for equity and intergenerational mobility. Today, as trillions in legacy wealth transfer from baby boomers to millennials, the global inheritance boom is redefining economic realities. In countries like the UK, inherited wealth increasingly dictates access to housing, financial stability, and upward mobility, exacerbating class divides. Millennials, burdened by debt and stagnant wages, are relying on inheritance to bridge economic gaps, yet this windfall remains unevenly distributed, reinforcing existing inequalities.

Marriage choices are also shifting, with “assortative mating”—where heirs marry other heirs—entrenching wealth concentration and insulating elite families from broader economic volatility. Religious inheritance frameworks, such as Islamic fixed share systems, offer lessons in equity and wealth circulation, contrasting with historical norms that favoured male heirs and excluded women. However, cultural inertia and patriarchal traditions continue to impede reforms in many regions.

Critical questions arise:

  1. How can policymakers balance familial continuity with societal fairness in inheritance systems?
  2. Should inheritance tax regimes be reformed to address rising inequality, particularly in asset-rich but cash-poor households?
  3. Can lessons from religious traditions inspire equitable wealth redistribution while preserving intergenerational equity?

As the inheritor class gains disproportionate influence, governments must rethink inheritance policies to foster social cohesion, economic dynamism, and ethical wealth distribution. Addressing these challenges is essential to creating a more just and sustainable economy for future generations.