The wealth that millennials inherit 'is likely to heighten the generation’s class contradictions – and just might redraw the dividing lines in American politics,' writes EricLevitz
Photo: Anadolu Agency/Getty Images Last fall, Deutsche Bank warned its clients that millennials were coming for their wealth. In a research note, the bank’s strategist Jim Reid predicted that the generation’s impending attainment of political supremacy will “be a potential turning point for society and start to change election results and thus change policy.
Millennials, in other words, are one day going to be a lot richer . In the coming years, that reality is likely to heighten the generation’s class contradictions – and just might redraw the dividing lines in American politics. Millennials’ socialistic leanings are of a piece with their meager financial holdings. The St. Louis Fed calculated that in 2016, “the typical older millennial family was 34 percent poorer than we would have expected” based on the experience of previous generations. Millennials’ home ownership rate famously trails that of their predecessors at the same point in their life cycles, with roughly half of millennials still paying rent.
If the great wealth transfer is sure to be concentrated at the top of the socioeconomic pyramid, it will nevertheless reach a broader base. By Capitol One’s estimate, more than half of the estates bequeathed over the next three decades will go to low or middle-income households. The nascent avalanche of asset handoffs between boomers and millennials will thus benefit a substantial subset of the latter generation.
The “great wealth transfer” will exacerbate all of these inequalities. Wealthy, white millennials will claim a massively disproportionate share of the impending inheritances and intergenerational gifts. And as familial wealth is transferred, and millennials’ “earned” assets appreciate, the generation’s internal class divisions are liable to become more invidious than those of its predecessors. The millennial rich and upper-middle class will be the wealthiest America has ever known.
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