Despite their moniker, “baby” boomers account for an oversized amount of America’s riches, having become somewhat of a Monopoly Man.
The wallets of the oldest boomers (those over 70, a group that also includes members of the Silent Generation) are looking pretty plump post-pandemic. New Federal Reserve data shows that the cohort has become $14 trillion richer since 2019 came to a close. These seniors might be a David-sized representative of the population at 11% but they make up a Goliath-sized footprint in our economy, holding 30% of the country’s wealth—a record, Bloomberg reports.
