Hey Robert,
You're right that Millennials will have have less wealth due to having less time in the markets and earning but the point I am trying to make here is concerning relative wealth.
When Baby Boomers were the same average age as Millennials are today they controlled 21% of all US wealth compared to the measly 5% that Millennials own today.
The point here is that the timeline in acquiring wealth is being pushed further and further back in one's life. I can only imagine this was be even more emphasized in the future.
Cheers,
Brandon