In this paper, we address the issue of privacy in 5th generation (5G) driven Internet of Things (IoT) and related technologies while presenting a comparison with previous technologies for communication and unaddressed issues in 5G. Initially, an overview of 5G driven IoT is presented with details about both technologies and eventually leading to problems that 5th generation will face. Details about 5G are also presented while comparing them with previous technologies. The architecture of 5G is presented hence explaining layers of 5G and technologies like SDN, NFV and cloud computing that compose these layers. The architecture for 5g based IoT is also presented for providing visual understanding as well as explained based on how this addresses the issues present in 4G. Privacy is highlighted in 5G driven IoT while providing details about how SDN, NFV and cloud computing helps in elimination of this issue. The issues presented will be compared with 4G based IoT and solutions are provided about mitigation of these issues particularly bandwidth and security. Moreover, techniques used by 4G and 5G technologies for handling the issues of privacy in IoT are presented in a nutshell as a table. Paper also presents a detailed overview of technologies making 5G possible meanwhile giving an explanation about how these technologies resolve privacy issues in 5G.