From Fortune:



The oldest baby boomers in the US, many of whom are now over 70, have become very wealthy during and since the pandemic, with the cohort becoming $14 trillion richer in the past few years. This group holds a Goliath-sized footprint in the economy, holding 30% of the country’s wealth. This has led to an overwhelming wealth disparity among generations, with younger groups experiencing a decline in their share of wealth, particularly those under 40. The boomers’ wealth accumulation was facilitated by favorable economic conditions and opportunities to invest in stocks and real estate, which paid off during the pandemic. However, not all older boomers are faring well, with many living in poverty and struggling to retire comfortably. The growing wealth of the elder boomers has led to concerns among millennials and Gen Zers about their financial future. The article points out that the retirement system is ill-equipped to handle the large number of elderly boomers who will be leaving the workforce in the coming years.



Original: Older boomers became $14 trillion richer during pandemic: Fed data