Yup. Case in point: rent/housing. I'm a local who has no choice but to rent as immediate family has passed. I rent a small HDB room from local SG boomer couple, in their late fifties,early sixties. One is a blue collar worker (has job that definitely doesn't require a degree), other is unemployed. They have a car. They increased rent a few months ago by 40%, and when they invited their relatives over, I could hear their relatives laughing outside and saying the boomers should increase rent by 60-70%. Just before rent increased, I could see their shiny new toys in the living room.

And the transfer of wealth from millennials to boomers continues ....