Great Wealth Transfer ($90 trln) creates a wealth gap among millennials

The wealth gap among millennials is stark, with the richest 10% holding significantly more wealth than their peers. This disparity has led to tensions and resentment within the generational cohort. While many struggle with debt, low-income jobs, and housing challenges, a segment of millennials enjoys substantial wealth gains, partly due to inheritances. Average millennials own 30% less wealth by the age of 35 compared to baby boomers at that age. However, the wealthiest 10% of millennials hold 20% more wealth than the top-tier baby boomers did at the same stage of life. The impending "great wealth transfer" from baby boomers to millennials, estimated at 70-90 trillion dollars in the next 20 years, further amplifies this divide. Wealthy millennials may exacerbate class tensions through conspicuous consumption. The trend also highlights a shift in wealth dynamics, as inherited wealth becomes more prevalent among younger billionaires, influencing attitudes toward wealth creation.