Key takeaways
Each period in history has had its golden moments and hardships.
While today’s economic and geopolitical challenges are real, history suggests we’re living in an unprecedented time of progress.
Warren Buffett’s concept of the “Ovarian Lottery” suggests that when and where you are born largely determines your opportunities.
If you’re living in 21st-century Australia, you’ve won the jackpot. The key is making the most of it.
Have you ever stopped to wonder if there was a better time to be alive than right now?
It’s a fascinating thought experiment.
Every era has had its golden moments and its dark chapters, and depending on when and where you were born, your experience of the world could be vastly different.
Today, many people are struggling with the cost of living, uncertain economic conditions, and geopolitical tensions.
But when you zoom out and take a broader view of history, it’s hard to argue that any other time compares to the advancements, opportunities, and quality of life we enjoy today.
So, let’s take a look at history through a demographic lens and explore some of the best – and worst – times to be alive.
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The Baby Boomer Era: a time of prosperity and social change
One of the most commonly cited “best times to be born” is the period following World War II, particularly the late 1940s to the early 1970s.
This was the era of the Baby Boomers, a generation that had an outsized influence on shaping the modern world.
From an economic perspective, this was a golden era.
The war was over, governments were pouring money into rebuilding infrastructure, and new industries were booming.
In this week’s episode of our Demographics Decoded Podcast, leading demographer Simon Kuestenmacher highlights a key advantage Baby Boomers had:
“They were part of a massive generation that, by sheer numbers, reshaped society.
From economic policies to cultural revolutions, they had the power to influence change in a way that previous generations didn’t.”
Homeownership was seen as a realistic goal, with property prices appearing much more affordable compared to incomes.
But was it really as easy as some younger generations claim?
Not necessarily.
Housing was cheaper, but finance was much harder to obtain:
- Banks were extremely conservative with lending, requiring large deposits.
- Women’s incomes weren’t taken into account in home loan applications, and many women weren’t even in the workforce full-time.
- Interest rates were often higher, and inflation was unpredictable.
Despite these hurdles, Baby Boomers benefited from a unique economic tailwind.
Inflation helped push up wages and property prices, meaning those who got onto the property ladder early saw their wealth multiply over time.
In contrast, younger generations today face soaring property prices, but wages haven’t kept up in the same way.
From a social perspective, this era was also a time of significant change.
The Baby Boomers played a role in movements that reshaped society—the fight for gender equality, civil rights, and the sexual revolution.
But as Simon points out, these changes came from a place of inequality:
“The boomers had to fight against extreme discrimination and repression.
Would you rather be the generation that fought for change or the one that enjoys the benefits later?”
The Digital Revolution: a period of unparalleled innovation
If you’re looking for a period that rivals the post-war boom in terms of opportunity, the 1990s and 2000s – the era of the digital revolution is a strong contender.
This was when the internet became mainstream, changing the way we communicate, work, and access information.
Mobile phones, e-commerce, and artificial intelligence have since reshaped the global economy in ways that were unimaginable just a few decades ago.
Simon recalls his own experience with early technology:
“When the internet first arrived, people weren’t even sure what to do with it. You’d connect your dial-up modem, check an email (if you had one), and then… what? Now, we can’t imagine life without it.”
We’re at a similar stage now with artificial intelligence.
Everyone is experimenting with it, but we haven’t fully unlocked its potential.
Looking back, it’s easy to see that those who embraced digital innovation, whether by investing in the right companies, building tech-based businesses, or upskilling, benefited tremendously.
Of course, the digital age also brought new challenges:
- Rising inequality – The gap between those who embraced digital innovation and those who didn’t widen significantly.
- Job disruption – Many traditional roles disappeared, replaced by automation and AI.
- Mental health challenges – Social media and digital addiction have introduced new psychological struggles.
Despite these issues, this era has dramatically improved the quality of life for billions of people.
Technological progress, medical advancements, and economic opportunities have never been more accessible.
The Worst Times to Be Born: periods of hardship and uncertainty
While we debate the best times in history, there are some eras you’d definitely want to avoid.
The Great Depression (1929-1939): A Decade of Despair
The economic collapse of 1929 triggered mass unemployment, poverty, and despair across the world.
In Australia, one in three breadwinners was out of work, and many families lived in makeshift camps due to homelessness.
I remember my own grandmother, who lived through this period, turning off every light when she left a room and stockpiling food in the pantry—habits formed from years of extreme hardship.
There was no JobSeeker, no safety net, and no certainty about where your next meal would come from.
It was an era of survival.
WarWall.ucoz.ru
World Wars I and II (1914-1918, 1939-1945): A Generation Lost to War
If you were a young man born in the early 1900s, your chances of being sent to the front lines were high.
The trauma of war left lasting scars on entire generations.
During a recent trip to the Philippines, I visited a war cemetery with thousands of unmarked graves—young men whose names were never even identified.
That kind of loss is almost unimaginable today.
The Middle Ages (5th-15th Century): A Life of Hardship and No Social Mobility
If you were born in medieval times, your life expectancy was low, and your fate was largely determined at birth.
There was little opportunity to improve your circumstances, one bad harvest could mean starvation, and diseases were rampant.
“Imagine no medical support, no sanitation, and rigid social structures that kept you in poverty for life,” Simon notes.
“It’s hard to romanticise the past when you consider those realities.”
The Present: the best time in history to be alive?
When we weigh up the pros and cons, it’s hard to argue against the idea that right now is the best time in history to be alive:
- Medical advancements – Life expectancy is at an all-time high. Treatments for previously fatal conditions are now routine.
- Technological breakthroughs – AI, automation, and the internet have transformed life in ways we’re still discovering.
- Economic stability (in Australia) – While we face challenges, we are fortunate to live in a country with a strong economy, access to education, and opportunities for wealth creation.
Yes, housing affordability is tough.
Yes, the world is changing rapidly. But we also have more opportunities than ever before.
Warren Buffett often talks about the “Ovarian Lottery”—the idea that where and when you’re born largely determines your opportunities in life.
If you’re living in 21st-century Australia, you’ve won the jackpot.
Now, it’s up to you to make the most of it.
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