The older generation now accounts for half the combined net worth of the US – and in the UK they hold 78% of the UK’s private housing wealth
Yes, but 61 is only the average age of today’s American millionaire, according toAnd a million dollars isn’t even that much money any more.The point is, millionaires are getting older: in 1992, the average age of a US millionaire was just 57.It’s more likely it’s just taking them longer to get rich.The average age of millionaires is rising faster than the average age of the population as a whole: you’ve got to live longer to get rich in the first place.
Provided you live long enough to see results. “Instead of 60-year-olds giving to 30-year-olds, it’s going to be 90-year-olds giving to 60-year-olds,” says Chuck Collins of the Institute for Policy Studies.It’s a problem for all of us: baby boomers now account for half the combined net worth of the US.What about the billionaires?
The super-rich present an inflated version of the same story. A third of the people on this year’s Forbes billionaire list inherited their fortunes – back in 2001 it was just five billionaires out of 490.
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