OP, stop even thinking about his pay.
The fact you couldn’t have got into the industry 30 years ago is not sexual discrimination now. It was then, but you didn’t suffer that discrimination.
The fact he drives a Porsche, given he’s 70 and probably hasn’t paid a mortgage in 30’years is also irrelevant, I’d expect him to have move disposable cash.
Your employer is “not dealing with it” because they cannot “deal with it”, they can’t demote him legally, he has a contract. He’s been there 40 years, their only option is redundancy, which will be enormous given his service, even if he works to 80 and retires they are probably better off. They cannot promote your pay to his level because, apparently, he is paid above market rates, so you can’t get that money from them, or any other employer in the market.
It’s just his good fortune in being in that generation. Nothing you can do except stop letting it upset you.
What you are basically doing is the equivalent of finding out your neighbours made £300k profit on their identical property, having bought it 30 years before you do and thinking that you can just add 300k to what you paid for your house last year to value it.