Adjusted according to inflation I make slightly less money than they do - meaning I have less cash in my bank account. But the prices of everything are being driven down so quickly that I live a much fuller life than they did on a per-opportunity basis.
I have access to all the world's information, seemingly infinite entertainment, and a faster computer than they could even imagine in my pocket (not to mention my tablet and laptop). I can travel the world (I actually make money when I do so by Airbnb'ing my house), Amazon drops stuff they couldn't afford on my doorstop for very cheap.
So I make slightly more, but what I have access to is much greater than they did. I'd argue my life is much richer (er, wealthier), despite making slightly less.
The only thing I would push back on is the increasing cost of some of the more fundamental investments - higher education and housing. Can't (sustainably) enjoy fast computers/airplanes/Amazon without a degree and a home.
"Wealth" in economics is the sum total of all of your physical and intangible assets, including a calculation of discounted future earnings.
So being rich and being wealthy are very similar concepts in economics - large NPV of assets and income. But in normal parlance, rich and poor can also refer to standard of living/quality of life/happiness.
So are you wealthier? Happier? Earning less?