Why baby boomers have more money than everyone else

It is the richest of times, all apologies to Dickens, and it is the most unequal of times. The difference in wealth and income between the top 1 per cent and the rest of America tends to get more attention, but one of the more striking wealth gaps is generational: Older Americans are far richer than young Americans.

The good news is that most Americans of all ages have never had more wealth. But estimates in new research from the economist Edward Wolff at New York University, who has long studied wealth in America, show a large and growing gap in net worth between Americans over age 75 and those under 35. No wonder everyone hates the boomers.