In 1989, those under 40 had 13.1% of total household wealth. In Q1 2021 that number was 6.0%. It seems 2009-2011 saw the lowest levels where it didn't crack 5%
Is that normalized by the number of people under 40 in 1989 versus the number of people under 40 in 2021? There are a lot of baby boomers (first group).
More: Is it normalized by change in life expectancy? If you were under 40 in 1989, what was the probability that your parents had died and left you the money? What is the probability in 2021?