Ehm... which previous generation was born and bred in such a rich world? And who's going to inherit the wealth previous generations have created?

Old people in their 50s who no longer need to get bailed out by an inheritance from their parents, but they will get it anyway, making the (at that time) young generation after them eagerly waiting for their demise, until they come to the same sad realization that someone will be waiting for theirs.

It would be telling to compare how people in their 50s spent their income when they were in their twenties compared to 20 year olds today.

They partied way harder and generally got "seriously focused" on careers much later if stats are any indication. If you go even further back to the boomers it's a laughable comparison. But none of those prior generations ate avocado toast because they hadn't yet mastered transporting avocados long distances while maintaining ripeness if that's what you're asking.

We're buried in luxury and have no necessities.

You're literally doing the "let them eat cake" thing the boomers have been doing for decades. If you keep doing this you will spend your old age in the streets scorned by the younger generations you've thumbed your nose at. You'll probably have a very nice smartphone though and we'll tell you "why are you complaining? you have such nice luxuries, you should be grateful to us you at least have that."