Despite several decades of US manufacturing being exported to places like Taiwan, S. Korea, etc., the US standard of living today is higher than ever and America's per-capita GDP is higher than ever. 36 years ago, which is about when US manufacturing started to go to places like Taiwan and S. Korea, America's per-capita GDP stood at just $3,400 but today is 10 times that. If anything, being able to buy low-cost goods from low-cost Asia improved America's standard of living by allowing Americans to save money by buying such-lost goods -- money that Americans could put to other uses. Low-cost Asia has allowed Americans to get more bang for their buck. Low-cost Asia is like a huge "tax cut" for Americans over the past several decades. In addition, for any American to complain about his standard of living today is quite ridiculous when America has the highest standard of living in the world.
When you speak of "wealth generation," I assume you're speaking of actual profit generation because wealth comes directly from profit. The entire service sector doesn't merely transfer wealth, but the profit motive drives service sector businesses to engage in their respective businesses. And when service sector businesses try to generate profit, they inevitably generate wealth. If there were no profit to be made and wealth to be generated in the service sector, service sector businesses would have no reason to engage in those businesses at all. But since they do generate profit and real wealth, that's why they engage in the service sector businesses in the first place.