What have millennials been complaining about? Far from languishing in poverty as society’s lost stepchildren, they are on course to become the richest generation in history. That’s according to a report from the estate agent Knight Frank, which tells us that in the next 20 years there will be a “seismic” transfer of wealth assets from older cohorts to people born between 1981 and 2000.
Generational unfairness solved? Well, no, of course not. These assets will be distributed to millennials entirely according to how rich their parents are. This will make one of this cohort’s biggest problems worse. Which is that the determining factor of millennial success is, increasingly, whether or not you come from a rich background.
