Millennials on course to become ‘richest generation in history’
Millennials on course to become ‘richest generation in history’
Generational transfer of wealth largely built up in property will amount to $90tn in US alone, report says
SPOILER: Article assumes that Boomers will die and leave their wealth to Millenials.
I literally spit my coffee when I saw that headline.
Any chance this wealth is a byproduct of inflation?
Both the value of the dollar, and its purchasing power are heavily eroded over time.
Someone making 10k a year is pretty wealthy when a home is $4,000 in the year 1900
Someone making 80K a year is relatively broke when a home costs 600K in the year 2024 (should cost 32k by comparison)
Let alone everything else that skyrockets in price as wages crawl
This just means the very few people who are filthy rich will be even filthier in the next generation.
This is not a statement about average wealth, it's about the total punt of wealth held by millennials, and conveniently ignores that all of that wealth will be held by just a few individuals while the rest of generation languishes.
But halfwits will read this and think "See, everything is fine! We're going to be rich!"
So something like “Richest individuals to be in the Millennial generation with current trends”
Which, if you think about it, makes sense. As billionaires/millionares age/die and pass down assets and wealth the trend will shift to the next generations, etc.
Ah that’s great, I only need rich parents and then wait until they die to start living 🥰 system works flawlessly guys; no issues here
In reality, their future financial firepower is likely to be a divisive lottery, predominantly determined by inheritance from previous generations, including property.
Aye, there's the rub. I'd also like to see how disproportionate wealth is among different demographics. (Spoiler: it's not going to be pretty.)
The Boomers in America will generally have their wealth eaten up by astounding healthcare costs before much or any of it gets handed down.
Not sure how anyone can really come to any broad conclusion other than that, excepting edge cases and the significantly wealthy.
The Boomers will just keep doing second or third or reverse mortgages or whatever until they finally downsize or move into old folks homes, sure maybe one of their kids gets the house, more likely they sell it to cover their debts, or if they do pass it on, at that point its basically financially wrecked.
Truly astounding that the real estate man being taken at face value isnt mentioning any of the financing of homes.
This is all about the significantly wealthy, everyone else is just a rounding error.
Lmao
Yes, Guardian, we know how monetary inflation works.
In terms of what? Most college debt racked up? Most fees from blockbuster for not being kind and rewinding? Most bought Now That’s What I Call Music CDs!?
So why do I feel like the poorest?