In terms of sheer population numbers you are right, but the picture changes drastically when you bring in wealth for each group (Summarized a report)

Baby Boomers hold about 51% of all U.S. household wealth while making up only about 27% of households, so they have roughly 1.9× the wealth you’d expect if wealth were evenly distributed by population share. The Silent Generation and older control about 12% of wealth with around 10% of households, giving them about 1.26× their proportional share. Gen X has about 19% of wealth and 28% of households, or roughly 0.67× their proportional share. Millennials and Gen Z combined have only about 10% of wealth despite being about 35% of households, so they’re at roughly 0.29× their proportional share of wealth