As Prof Galloway pointed out in the latest episode of the Sam Harris podcast, yes the old are reaming the young but the upside is that dramatic wealth inequality almost always self-corrects. The downside is that historically the mechanism by which the correction happens is "war, famine, or revolution".
Galloway always brings his A game and this podcast is no exception. Listen:
https://samharris.org/podcasts/189-wealth-happiness/
If you want to skip straight to the bit of specific relevance, where Galloway makes the observation above, it starts at about 21:50.