Millennials Driving Equities?

by nickel_dime

Help me reconcile two conflicting things. I’m a big fan of Tom Lee (Fundstrat), and he’s often written about millennials influence on equities:

“We have asserted that the U.S. is increasingly decoupling from the rest of the world because of building demographic tailwinds,” Lee wrote. “In short, we can thank millennials, who are now entering their prime income years. (Or we can thank their parents for having lots of children).”

Source: www.marketwatch.com/story/we-need-to-thank-millennials-for-the-booming-us-economy-says-fundstrats-tom-lee-2019-12-09

Another recent report came out regarding how much wealth millennials have:

Millennials Control Just 4.2 Percent of US Wealth, 4 Times Poorer Than Baby Boomers Were At Age 34

Source: www.newsweek.com/millennials-control-just-42-percent-us-wealth-4-times-poorer-baby-boomers-were-age-34-1537638

READ  Everyone is all in. 11 of 15 valuation factors for US equities are undisputedly at record levels. The other 4, also near all-time highs.

If millennials don’t have much wealth, how can this be driving equities higher? Or is the issue scale here–the demographics point to an increase in equities due to consumption trends, but the effect is small. Any ideas?