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
I meant majority in terms of demographic. Like we now outnumber gen X and boomers individually. But yeah, it’s nuts. You also have to consider that it’s 4.6% total, so even the millennials that are very rich (multi millionaire++) are tallied in that figure. So average middle class and low income millennials probably account for like 2-3% of that wealth.
On the scale of wealth inequality we’re dealing with, a multimillionaire might as well be penniless.
There’s a few hundred people in this country that control more money than most countries. A couple of them have private fucking space agencies, and those are the ones that advertise their wealth.
Billionaires are a cancer on our economy.
I added ++ because I didn’t mean the millionaires with like $5-15 million net worth, but dozens or hundreds of millions. I agree with you, though. Billionaires shouldn’t exist, period.
The word you’re looking for is plurality fwiw. When you’re the biggest group but under 50% +1 you have a plurality.
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.