According to the central bank, those born between 1981 and 1996, better known as Millennials, control only 4.6% of the wealth in the country even though they make up the majority of the workforce, with around 72 million people.
While it is not unusual for younger people to accumulate
You really need to factor in time spent working, these articles are usually worded to stoke generational war instead of class war. The main reason boomers and gen xers have more wealth is because they’ve spend more time working. It shouldn’t be shocking that someone who has worked for 30 years longer has a disproportionate amount of wealth. They’ve also had compound interest and compound dividends for 30 years longer too. The system is fucked but it’s not really old peoples fault. The only difference being inheritance - which if you think about it, the average life expectancy is 80 or so, people back then had kids around 25years old, so the average age for receiving inheritance would be around 55 years old. Making boomers a bit better off
I’m not naive enough to blame generations, although boomers and gen X definitely have their fair share of blame for other reasons. No, working class boomers and gen Xers both barely have any wealth, either. The top 1% in the US holds nearly as much wealth as the bottom 90%. That’s the truly disturbing and infuriating statistic.