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Millennials Set to Become 'Richest Generation in History'
In the U.S. alone, Knight Frank said the shift would see $90 trillion of assets move between generations, "making affluent millennials the richest generation in history."
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Corky
Joined 2005/05/24Visited 2024/05/04
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"The annual Wealth Report, which will be released publicly in its detailed format next week, examines the latest trends in property and economics across the globe.
It found that, over the next 20 years, the so-called silent generation " those typically born from 1928 to 1945 " and baby boomers " born between 1946 and 1964 " will "hand over the reins" to those born from 1981 to 1996 when they pass on their property- and equity-rich assets."
#1 | Posted by Corky at 2024-02-29 01:15 PM | Reply
The report that launched a thousand grifters to prey on the elderly.
#2 | Posted by snoofy at 2024-02-29 01:17 PM | Reply
Related?
Two trends help make millennials seem lazy to their elders arstechnica.com
... We change how we view work as we age, and society's view of work is also shifting. Sociologist Martin Schrder, a professor at Saarland University in Saarbrcken, Germany, wanted to find out if some birth cohorts consider work and career more important than others do. Tracking how answers changed over time produced some unexpected results. Regardless of what generation someone belongs to, the importance of work actually depends on a combination of what year it was and what age that person was at the time of being surveyed. Schrder's findings showed that younger individuals (regardless of what generation they're from) tend to find work less important and that the importance of work has been going down over time. No matter what they might say about the youth, someone who's now a middle-aged work obsessive would have rated work as less important when asked in their twenties. The importance of work has also decreased over historical time, so attitudes shift as a result, regardless of what birth cohort someone belongs to. ...
Sociologist Martin Schrder, a professor at Saarland University in Saarbrcken, Germany, wanted to find out if some birth cohorts consider work and career more important than others do. Tracking how answers changed over time produced some unexpected results.
Regardless of what generation someone belongs to, the importance of work actually depends on a combination of what year it was and what age that person was at the time of being surveyed. Schrder's findings showed that younger individuals (regardless of what generation they're from) tend to find work less important and that the importance of work has been going down over time.
No matter what they might say about the youth, someone who's now a middle-aged work obsessive would have rated work as less important when asked in their twenties. The importance of work has also decreased over historical time, so attitudes shift as a result, regardless of what birth cohort someone belongs to. ...
#3 | Posted by LampLighter at 2024-02-29 01:52 PM | Reply
A better title should be ".01% of millennials set to be the richest generation in history."
#4 | Posted by eberly at 2024-02-29 02:20 PM | Reply | Newsworthy 1
3
Meh.. perhaps only tangentially.
Per the thread link...
"Soaring rents, rising inflation and student debt have contributed to millennials' struggles to purchase their own homes or build up their savings. For several years, however, these conditions have fueled a narrative that millennials are lazy, avocado toast consumers who waste money on expensive coffee."'
That's a poor narrative to begin with. The article goes on to talk about how much more consumer conscious the newer gens are about climate issues.
#5 | Posted by Corky at 2024-02-29 02:24 PM | Reply
4
That may be true... the article notes it's "affluent millennials" who will reap the most benefit.
Thanks, Crony Capitalism!
#6 | Posted by Corky at 2024-02-29 02:34 PM | Reply
This calls for a round of avocado toast!
#7 | Posted by censored at 2024-02-29 05:41 PM | Reply | Funny: 1
This still won't end the complaining about how poor they are.
#8 | Posted by oneironaut at 2024-02-29 06:33 PM | Reply
I guess all that whining is paying off.
P.S. It's true that grandchildren are the greatest revenge.
#9 | Posted by RightisTrite at 2024-02-29 07:08 PM | Reply
Who will occupy all these properties inherited by this generation when no ones having kids?
#10 | Posted by GOnoles92 at 2024-02-29 08:44 PM | Reply
"Who will occupy all these properties inherited by this generation when no ones having kids?"
Occupy? Nobody. Own? Long term investors.
#11 | Posted by snoofy at 2024-02-29 08:50 PM | Reply
10.
Muslims, Mormons, Latin Americans, space alien humanoids ...
#12 | Posted by Dbt2 at 2024-02-29 08:52 PM | Reply | Funny: 1
@#11 ... Occupy? Nobody. Own? Long term investors. ...
A neighbors house went up for sale. I had been managed by a conservator because the prior occupant was, my opinion, not able to manage the property.
The sale went through surprisingly quickly.
A real estate group bought up the house.
Fortunately, I my be quite fortunate, as I've talked with the owners of that group and they seem to be quite good people.
Now the house is a rental, with good tenants.
From what I've seen in local media, I am lucky in that a good local real estate business bought up the house.
#13 | Posted by LampLighter at 2024-02-29 09:01 PM | Reply
I think I read somewhere that something like 60-70% of all generational wealth is depleted within 2-3 generations...
The kids take the money and go on vacation. Good luck hanging onto that wealth...
#14 | Posted by earthmuse at 2024-03-01 08:41 AM | Reply
Lamp, #13, that is the good side of the story.
The bad side is speculative real estate groups are buying up land (and homes) at a higher and higher rate in America, buying cheapish (in mass) then jacking up the prices to resell later. Sure it's 'good capitalism', but sucks for future gens trying to get that piece of land for retirement or into that first home...
#15 | Posted by earthmuse at 2024-03-01 08:45 AM | Reply | Newsworthy 1
I would love for a correction in the real estate market to occur specifically to punch these investment companies in the balls for overpaying for those properties.
#16 | Posted by eberly at 2024-03-01 08:56 AM | Reply | Newsworthy 1
"Two trends help make millennials seem lazy to their elders"
We recently hired a 25-year-old who had recently separated from the Air Force as an E-5 to be our logistics planner. The person she replaced was a retired E-8 who had once been the trip planner for SACEUR.
She is crushing it. She has taught us how to do things with MicroSoft SharePoint that I didn't know were possible. When she can't figure something out, she searches for a YouTube video to explain how it's done. She's making us start to question what the last guy actually did with his time.
Work smarter. Not harder. The younger generations who grew up with computers and applications from the time they were little are going to bring in different skillsets than older people like me.
But, I can see how someone who is older and grew up in a very structured workplace would view a younger person's life habits as a sign of laziness...even if that younger person is far more effective and productive than the old fart doing the judging.
#17 | Posted by madbomber at 2024-03-01 01:16 PM | Reply | Newsworthy 1
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