Baby boomers command more than $85 trillion in assets, a staggering haul that dwarfs the $18 trillion held by millennials, who match them in population share at about 20% of Americans each. Those over 70 now control 31% of U.S. household wealth, up from 19% in 1989, according to Federal Reserve data highlighted by Apollo chief economist Torsten Slok . Boomers, born 1946-1964. Millennials, same size cohort. Yet one-fifth the riches. How did this happen? Their parents, shaped by the Great Depression, drilled in thrift. Then came the 1970s. Inflation raged. Homes became hedges—values soared. Stocks too. Boomers hold 54% of equities, over $25 trillion worth, per early 2025 analysis in a Yahoo Finance report drawing on Fed figures. “The baby boomer generation has really gobbled up a huge share of household wealth, so it’s left a lot less for other age cohorts,” says Edward Wolff, economics professor at New York University, quoted there. Gen Z sits at $6 trillion as of 2024. Tiny.…