The trouble with that is that inherited wealth replicates existing inequalities, whereas newly earned wealth at least offers the chance for social mobility. I'd be more interested in median wealth of each generation.

Maybe they'll just spend it on lavish retirements instead

And then pass it over to Gen Z, Gen α, and Gen XMen

Well, reading ft.com I see a gradual but firm increase of mentions of hiking the inheritance tax...

Sort of. A lot of that wealth is tied up in "McMansions" that nobody wants, due to both changing tastes and generally poor construction. The land will still be worth something, but a lot of that value is going to evaporate. https://www.realtor.com/news/trends/boomers-millennials-and-...

This. The amount of gaudy 2 story mansions that's standing vacant while delapitated and for sale. Most of them end up as rentals as they don't sell, and deteriorate even more in value as they're not cared for. Add this to the inevitable fire insurance quotes you'll get for owning in a place that can accommodate such a monstrous build and it all comes out extremely wasteful and risky.

Aren’t reverse-mortgages big with Boomers too? A lot of them want to die penniless and spend everything lavishly on themselves on their way out. “Let the bank deal with the house after I croak!”

I don't doubt for one second that you're right about this being prevalent as well. Tom Selleck sure tries his best to talk more boomers into this line of thinking.

And it's likely that a lot of the value of their savings that can be realized will be hoovered up by medical providers and nursing homes.

I feel like a lot will also evaporate when Boomer retirement accounts get liquidated to pay off Millennial student loans. As a Gen-Xer I 100% believe this will happen a year after I retire.

A lot of that boomer "wealth" has gone into RVs, McMansions & Harleys. What remains will be spent on medical care in the last few years of life.