I don’t know about “future rich millennials” but the trend of millennials extrapolating from their circle of friends to all of society is one that I could do without.
Any data on whether inherited or gifted assets have become a larger fraction of net worth than labor for most Americans? (Or Australians for that matter? I’m sure Hacker News is full of people who are living proof that social mobility through wages exists. I don’t know if it’s up or down, but am sure it has nothing to do with the author’s friends taste in wine.
Also, all the talk of “inheritance” is weird in the context of millennials. The average person will only inherit their parents in their fifties or sixties, and even then split it with one or more siblings.
Any data on whether inherited or gifted assets have become a larger fraction of net worth than labor for most Americans? (Or Australians for that matter? I’m sure Hacker News is full of people who are living proof that social mobility through wages exists. I don’t know if it’s up or down, but am sure it has nothing to do with the author’s friends taste in wine.
Also, all the talk of “inheritance” is weird in the context of millennials. The average person will only inherit their parents in their fifties or sixties, and even then split it with one or more siblings.