Most boomer millionaires inherited their fortunes from the backbreaking work of their parents. Do you really think Babyboomers worked hard enough to "earn" anything of value? Pluuuuease! They don't understand the concept of money management; everything they touch turns to sh!t. Too much, too fast, too soon and then everyone else is supposed to clean up after them. So the basic question is, "Why is American losing millionaires?". Do you really have to have someone else fill in the blank for you? Lack of money management skills, period. Not thinking for the future, partying for the day, etc, you get the picture. The 60s song was about free love, today their song is about free money. From Enron to Madoff they've shown their true colors time and time again.