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That's not a demographic cliff, that's a financial power cliff, and it's caused exactly by too much money being tied up in PE companies and offshore accounts. All that money taken out of the local economy is leaving each generation with an increasingly smaller size of the pie, even when the pie itself has been consistently growing. You even admit yourself that the problem is that the next generation "can't afford" to maintain the outgoing generation's standard of wealth.

I don’t think that’s true though in all cases. Sometimes PE just offers more money passing the debt into the company they acquire. But smaller players would still take control.

It sounds like there's too much money in PE and not enough in the hands of young people. I'm told there is a secret ancient technique for rectifying such a situation.

You are forgetting that if PE weren't there to buy out local dentist offices at a premium, then these offices would sell at far lower price, making them affordable to the next generation.