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.
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.
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
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.
The rich TOTALLY promise to pass it on, just like all the other things they have done for the world for future generations. -WINK-, that will shut them up right Media-dog? BARK! Good... good article...
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