At least it’s not true for me. For all my life I’ve been drowned in objects. My parents are still telling that I had so many toys.
Minimalism is a way for becoming aware of the objects around me. Not so much about the pure number of objects.
Since, I started thinking about what should be part of my life and also letting go of things I don’t really need, my savings rate has skyrocketed. Also, many things I own have much higher quality than my parents or grandparents.
I guess minimalism is a counter-movement to super-cheap consumerism.