The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a study.
A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer.The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a
At the same time, the authors say the top 10% of millennials have benefited from greater rewards for skilled jobs. As they put it,"The returns to high-status work trajectories have increased, while the returns to low-status trajectories have stagnated or declined.
Tensions between millennial classes are likely to escalate as more wealth is transferred in the coming years. Wealth displays on social media by millennial"nepo babies" could add to the intra-generational class war and drive nonwealthy millennials to overspend or create the appearance of lavish lifestyles to keep up.
Yet inherited wealth could become more common. A study by UBS found that among newly minted billionaires last year, heirs who inherited their fortunes racked up more wealth than self-made billionaires for the first time in at least nine years. And, all the billionaires under the age of 30 on the latest Forbes billionaires list inherited their wealth, for the first time in 15 years.