No. Russia managed to create lots of oligarchs in between the years between 1989-1994 by following western advice on capitalist shock therapy. Many of the lucky winners passed the privatized and extracted wealth of the Soviet Union down to their children.

Something similar is happening today in the west at a less accelerated rate.

Asking which generational label applies is pretty strange. All of them do.

Hm, sure, yes "labels" is better. But labels are just a way to group birthdates which then can be mapped backed to generational labels. So, oligarchs made in 1989-1994, when were they born? They seem to be older than the generations discussed in the article: how can one not use timing as a variable for this? Yes, indeed elite vs. non-elite, but still, who are the elite and when did they become the elite -- probably before the generations singled out in the article. And what environment allowed for their growth? One you've provided is economic period that allowed for oligarchs in Russia, therefore elite, to be forged. Elites will persist as a group because of the inertia of their wealth, which, agreed, means they transcend generational labels, but they have to start somewhere/sometime.