By looking only at share of wealth, this is missing the fact that total wealth in the US has grown tremendously over the time period in question. In absolute terms, the inflation-adjusted amount of wealth held by the Baby Boomer and Millennial generations at similar ages is about the same.

In 1989 (the first year in the Fed's data), the Baby Boomer generation held $4.33T in wealth, which would be $9.5T in today's dollars, while in 2021, the Millennial generation held $7.47T in wealth [1]. While that's a little bit less, it's important to keep in mind that the median age of the Baby Boomer generation was 34 in 1989, vs 32 for the Millennial generation in 2021. If you linearly extrapolate Millennial wealth growth, the generation would hold $10.5T in wealth at a similar age.

So what the linked chart really reflects is that the total size of the pie has gotten much larger in the past 30 years. Most of the increase has gone to older generations, but I think that's neither surprising nor undesirable -- after all, 30 years ago, the Millennial generation ranged from not being born yet to elementary school. Will the pie continue to grow over the next 30 years so that Millennials can see a similar increase in wealth (and hear complaints from the kids being born right now)? I'd imagine that's largely up to the decisions we make today.

[1] https://www.federalreserve.gov/releases/z1/dataviz/dfa/distr...