Baby boomers have now “gobbled up” nearly one-third of America’s wealth share, and they’re leaving Gen Z and millennials behind

Older Americans may be trading in hustling for retirement, but that hasn’t stopped them from getting richer.

Baby boomers now hold a record high of the United States’ wealth, Apollo chief economist Torsten Slok noted in a December blog post, citing Federal Reserve data. Compared to 1989, when those over 70 years old held 19% of the wealth in the household sector, older Americans now own 31% of the wealth.

That chunk of change is an outsize share compared to other generations. Baby boomers, who make up about 20% of the U.S. population, hold more than $85 trillion in assets, according to Fed data. By comparison, millennials, who make up about the same percentage of Americans, hold just about $18 trillion, roughly one-fifth that of baby boomers.

“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,” Edward Wolff, professor of economics at New York University, told Fortune.

Read more: https://fortune.com/article/why-are-baby-boomers-wealthy-when-will-gen-z-millenials-benefit-great-wealth-transfer/