Article assumes Boomers won’t spend it all before they die.
https://www.theguardian.com/money/2024/feb/28/millennials-richest-generation-wealth-property
Weird it doesn’t feel like it.
It’s the cruelest clickbait I’ve seen in a long time.
https://www.knightfrank.com/wealthreport
The report comes out next week. I’ll probably forget, but I’m curious what it says.
Richest in variety of debt, maybe
Just as a feature of inflation the numbers that represent the wealth held by millenials will almost certainly eclipse that held by previous generations. But also thanks to inflation the actual value change represented by that larger number is sweet FA. Everything is just more expensive.
It’s because the housing market is a fucking scam. Let’s have some land value tax.
All the wealth is held up in real estate and largely that is worthless. It’s like capital that doesn’t produce.
The commies on this website don’t understand capitalism but the one thing they are right about is the housing market. Even from a capitalist point of view I got some big thoughts about how it’s fucked.
Isn’t this is all technically attributed to people like Mark Zuckerberg, who on his own accounts for 2% of all millennial wealth?
The ultra wealthy keep skewing the fucking “average” numbers ever higher until the “average” is way higher than what over half of citizens actually have.
Spider Georg moment
also inflation, number go up doesn’t mean wealth also go up
This article assumes my parents are rich. I don’t have new money and I’m not receiving old money.
Jesus fucking christ these people are out of thouch
“Currently alive people have higher number in bank account than previously alive people, which is known as inflation”
You can break it down into real assets. There’s more developed physical property than in prior generations. More infrastructure. More advanced business capital. Its not strictly inflation.
However, a lot of the accumulated wealth is purely speculative. The “Magnificent Seven” stocks:
Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), Amazon.com (AMZN), Alphabet, Tesla (TSLA) and Meta
saw their valuations surge 140% from the 2022 slump. Does anyone seriously believe these firms grew their physical capital stock or cultivated a larger and more efficient workforce at that scale within a meager two years?
On the flip side, you’ve got a great number of countries and economies actively under sanction at an international level. China’s Huawei is easily on par with the American Apple, but US restrictions on their sale make their stock a dead letter on Wall Street. Russian mineral exports have boomed as the sanctions have curtailed their ability to participate in international financial markets. The Cuban bio-medical industry is riding the bleeding edge - producing new treatments for everything from lung cancer to kidney failure to COVID at a breakneck pace - but can’t export any of this technology due to the US embargo and blockade. Venezuela’s economy grew 40% in the last year, largely thanks to renewed trade with Brazil, but you won’t see that on any kind of stock ticker. South Africa’s economy is booming with all the new trade forced around the Horn of Africa due to the Houthi attacks in the Gulf of Adan.
The wealth this article is describing is heavily divorced from the real utility being rolled out and delivered internationally. Americans are building an empire of paper promises, while the BRICS and their affiliates engage in an unprecedented economic development program.
The writer should maybe go and visit some nursing homes. They’ll find a fuckload of poor old people that are most definitely not wealthy.
That’s cause the rich don’t go to nursing homes, so?
There are some ritzy nursing homes.
And which old rich boomer is going to give me money, exactly?
My family are poor, my parents were poor, my grandparents were poor, etc etc.
It’s all about what bloodlines you’re in. Which class you’re in. Obviously the rich ruling class are going to inherit their family money.
Yes we are making more but compare that shit to cost of living and what we earn. It’s still fuckin trash. It’s like saying the Germans were billionaires during hyperinflation.
Highest mean wealth sure, but median…
All that money in ticky-tack mcmansions that they’ll never sell.
Wealth isn’t wealth if it’s paper only.
The real wealth was in our 💕
Money isn’t worth anything until you spend it
Lol as if medical bills won’t wipe out most of their wealth before they can pass it on
Also the generation with the shittiest wealth distribution. Inheritance is not fair and should be taxed exponentially to the amount. Nothing wrong with inheriting one small family house, but that should be all you can inherit.
(smaller) family buisneses are ok tho
The switch will see $90tn (£71tn) of assets move between generations in the US alone, “making affluent millennials the richest generation in history”, Knight Frank said in its 18th annual wealth report.
Meanwhile, every discussion about inheritance tax is poisoned by people claiming they would need to still their parents house.
lol no
Yeah Gen-Xer here, and while I have a cut of some property coming to me eventually, I’m afraid casinos and cruise ships got just about everything else. I don’t hold it against my dad but it’s definitely not enough to make me rich. Not even close.
The things boomers spent on astound me. You could legitimately just get your own flipping boat for the cost of a cruise, and use it forever. They could have at least willed you a boat for Pete’s sake
A cruise just seems like the worst parts of boats. They don’t even let you drive
