Didn't go well for South America in the 60s and 70s but perhaps, as economists are prone to saying, "this time will be different".
The fact that a handful of individuals have half a trillion dollars to throw at something that may or may not work while working people can pay the price of a decent used car each year, every year to their health insurance company only to have claims denied is insane.
This money is managed by small amounts of people but it is aggregated from millions of investors, most of these are public companies. The US spends over 10x that amount on healthcare each year.
The "free movement of capital" only ever seems to move the capital one direction: up to the people who needed the labor of others to reach such wealth.
I am sorry that you feel you are downwardly mobile, but you should not assume your experience generalizes.
This is, in fact, a generalized experience: [0]
[0]https://www.pewresearch.org/social-trends/2019/02/14/millenn...
Your article is from 2019. We're now "wealthier than previous generations were at [our] age" [1].
[1] https://www.wsj.com/personal-finance/millennials-personal-fi...
That being said, it seems to reference property owners. Hell, if I'd had the money to buy a house prior to the pandemic, I would have. I didn't because of constant reorgs at my employer at the time, which resulted in hiring freezes and reduced raises. The goal behind these was to make the company attractive to buyers. Eventually, they did find one: Oracle. They've since gutted what was a major employer for my region.
Since the pandemic housing has skyrocketed and pay hasn't kept up. It's been stagnant for 40 years while economic output has risen, along with COL [0].
Where'd all of the value go?
(that's a rhetorical question)
[0]https://www.consumeraffairs.com/finance/comparing-the-costs-...
Yes. Millenials own property at the highest rate, age adjusted, in generations. (Anecdote: am Millenial. Own a home. Most of my friends do, too. Yes, it's a bubble, but it's a big one.)
> Where'd all of the value go?...(that's a rhetorical question)
No, it's not. It went to the people who bought houses. Including between 2019 and 2024.
Which generation's mode reached home-buying age in that interval, an interval also generously sprinkled with massive stimulus, a stock-market boom and forced consumption-reduction through stay-at-home orders? (That is a rhetorical question.)
Age-adjusted?
So if you take out the fact that it took up more of the one resource that matters more than anything else to become property owners, then, yes, Millennials have more of it.
Which is kind of proving my point.
Ask before assuming.
Age adjusted means taking each generation when they were the same age, how wealthy were they? A Boomer today is wealthier than a Millenial because they've had more time to accumulate. But when a Boomer was Millenial-aged, she had on average less wealth than a Millenial today.