The generational wealth gap: How much wealth do Millennials have?

The generational wealth gap: How much wealth do Millennials have?

4/29/21 8:00PM

The Millennial generation is fully into adulthood. At some point this year the youngest member of the Millennial generation (born in 1996 per most definitions) will celebrate their 25th birthday.

‍A generational wealth gap

‍According to data from the US Federal Resesrve, Millennials currrently own about 5% of all US household wealth. Without any context that might seem reasonable, considering the majority of Millennial careers are probably only just starting to generate significant income or assets.

However, when the youngest member of Gen X turned 25 (in 2005) that cohort already had a 9% share of all US household wealth — almost double what the Millennial generation has accrued. Going even further back, when the youngest Baby Boomer turned 25 (which was in 1989), the Baby Boomer generation had already amassed more than 21% of all US household wealth. In relative terms, Millennials are the poorest generation for quite a while.

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