I think the comments about wealth distribution are more pertinent than the overall total wealth.
The Silents have less wealth because they were born during or after the Depression, and most of them are dead - it's a chart of total wealth, not per capita. As well, those who are still alive will have spent a lot of money on aged & healthcare.
The Boomers have the largest chunk, but a good portion of it will be dissipated out to aged & healthcare (my mother's aged care costs AUD7,000 pcm). If say half or $39 trillion is left over, then that'll be inherited by their Gen X children, adding to Gen X's $48 trillion will give Gen X $87 trillion in all, making them wealthier than their Boomer parents were.
Again subtracting half the Gen X wealth as they age and require care, we have $44 trillion for them to give to their Millennial children, bringing them to $58 trillion in all.
So it's a decline in overall wealth, but not as precipitous as first assumed. And of course for both Gen X and the Millennials it assumes they add not a single dollar of wealth on their own behalf, and only inherit.
Thus the issue is much less the total wealth and how it's distributed. Aged & healthcare will provide some trickle-up and trickle-down effects both. Pharmaceutical companies benefit, but so do janitors, aged care workers, nurses and so on.
I’m very concerned about my boomer parents and access to care. The wait times to see a specialist are really long. My mother was referred to a Alzheimer’s/Dementia clinic and the wait time is two years+
Me, as a 9-year-old in 1975 at the department store in Denver:
Me: "Mom, I'm bored!"
My mother: "Then go wait in the car. It's unlocked"
Thank you Doc for reminding me that we X-ers can and will survive anything that comes our way the next 20 years, with our trademark humor and style.
With Biden in Charge, may be nothing next for us all.
I think the comments about wealth distribution are more pertinent than the overall total wealth.
The Silents have less wealth because they were born during or after the Depression, and most of them are dead - it's a chart of total wealth, not per capita. As well, those who are still alive will have spent a lot of money on aged & healthcare.
The Boomers have the largest chunk, but a good portion of it will be dissipated out to aged & healthcare (my mother's aged care costs AUD7,000 pcm). If say half or $39 trillion is left over, then that'll be inherited by their Gen X children, adding to Gen X's $48 trillion will give Gen X $87 trillion in all, making them wealthier than their Boomer parents were.
Again subtracting half the Gen X wealth as they age and require care, we have $44 trillion for them to give to their Millennial children, bringing them to $58 trillion in all.
So it's a decline in overall wealth, but not as precipitous as first assumed. And of course for both Gen X and the Millennials it assumes they add not a single dollar of wealth on their own behalf, and only inherit.
Thus the issue is much less the total wealth and how it's distributed. Aged & healthcare will provide some trickle-up and trickle-down effects both. Pharmaceutical companies benefit, but so do janitors, aged care workers, nurses and so on.
I’m very concerned about my boomer parents and access to care. The wait times to see a specialist are really long. My mother was referred to a Alzheimer’s/Dementia clinic and the wait time is two years+
Stay as healthy as you can. Great advice!
I don't understand financials but the article is brilliant.