Baby boomers have the highest household net worth of any US generation.
Defined by the Federal Reserve as being born between 1946 and 1964 (currently in the ages between 59 and 77), baby boomers are in often in the sunset of their career or early into retirement.
Their higher net worth is expected: with most baby boomers financially planning for at least a few more decades, they benefit from wealth earned from long careers and have more robust retirement accounts than the silent generation, who have dipped further into retirement savings.
The silent generation (born before 1946) has the second-highest net worth (or assets minus liabilities) at around $1.29 million per household, followed by Generation X (born between 1965 and 1980) at $1.11 million per household. Millennials (born after 1980) are the generation with the least wealth. (The Federal Reserve does not have data on Generation Z yet.)
Who has the most in assets?
Baby boomers also have the most assets per household, followed by the silent generation, Generation X, and millennials. As for asset components, baby boomers have the most in retirement savings, as many people of the generation have not yet retired or been retired for very long. They also have slightly more than the silent generation in stocks and real estate.
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Generation X and millennials are still building their wealth. Millennials in particular have little wealth in stocks and mutual funds, averaging around $18,000 per household. Many also do not own real estate, an asset area traditionally used to build wealth.
What about liabilities?
Generation X has fewer assets than boomers and the silent generation — and they also have the highest average liabilities. Generation X households have an average of $146,000 in unpaid mortgages. In fact, home mortgages are the biggest component of Generation X liabilities, indicating that many may be recent homeowners who still have a decade or longer before their homes are paid off.
Distributional Financial Accounts
Last updated
December 16, 2022
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FAQs
Millennials stand to become the richest generation in history, after $90 trillion wealth transfer | CNN Business.
Which generation has the highest number of millionaires? ›
Baby boomers currently hold 50% of all wealth in the United States spread across various asset classes, according to Fed data, followed by Gen X (29.5%), the silent generation (11.9%), and millennials (8.5%).
Will Gen Z be rich? ›
Separate figures show that Gen Z is set to cash in too. According to wealth management firm Cerulli Associates, some $53 trillion will be passed down from boomers to their young heirs.
What age group has the most wealth? ›
Most wealth still held by older Americans
For instance, people over 55 controlled about $74.5 trillion in wealth at the start of 2019. By July 2023, that percentage jumped 30% — to $97.3 trillion, or more than 10 times the wealth held by people under 40.
What generation has all the money? ›
Baby boomers have the largest net worth
Baby boomers own 52.8% of all wealth in the U.S., compared to 5.7% of millennials, according to the Federal Reserve.
Who has the most wealth? ›
Bernard Arnault, chairman of LVMH, is the richest person and the richest man in the world with a net worth of $231 billion. After Arnault is Jeff Bezos, founder of Amazon. Other billionaires with some of the largest net worths include Tesla's Musk, Microsoft's Bill Gates, and Oracle's Larry Ellison.
Which generation has the least wealth? ›
U.S. Wealth by Generation
| Generation | Assets | Share of Wealth |
|---|
| Silent Generation | $18.6 | 13% |
| Baby Boomers | $78.1 | 53% |
| Generation X | $46.0 | 28% |
| Millennials | $13.3 | 6% |
1 more rowAug 17, 2023
Poverty rates for Gen Alpha have been the highest of all generations, starting at 25% in 2013 and dipping to 18% (about 6. 1 million kids) in 2021.
Are millennials richer than boomers? ›
While Millennials, as a generation, are wealthier than Baby Boomers were (as is Generation X, it should be pointed out), two other facts remain true: Millennials in the 90th percentile, or Top 10%, have 20% more wealth than similar Baby Boomers did at the age of 35.
Are Gen Z financially savvy? ›
For example, a new study by the Investment Company Institute (ICI) finds that “Gen Z households have nearly three times more assets in the [retirement] plan accounts (adjusted for inflation) that Gen X households did at the same age.” More Gen Z-ers have retirement plans set up and they've saved more in those accounts.
It looks like there's more good news on the way for me and all my latte-sipping, Netflix-binging friends, as the 2024 wealth report by real estate agent Knight Frank has concluded that millennials are on track to become the richest generation in history!
Will Gen Z be bigger than millennials? ›
Gen Z made up about a third of the 7.7 billion global population in 2019—just edging out the 31.5% of people around the globe who are considered millennials, according to a Bloomberg analysis of United Nations data.
How many Trillionaires are there? ›
No individual has claimed the status of trillionaire just yet. But a net worth equal to at least one trillion in U.S. dollars or a similarly valued currency isn't unattainable, but it will be a couple of years yet. Only 18 countries have a GDP that exceeds that amount. The World Bank.
What is considered wealthy in the US? ›
According to Schwab's 2023 Modern Wealth Survey, Americans perceive an average net worth of $2.2 million as wealthy. Knight Frank's research indicates that a net worth of $4.4 million is required to be in the top 1% in America, a figure much higher than in countries like Japan, the U.K. and Australia.
What is upper class salary? ›
Upper-middle class: $94,001 – $153,000. Upper class: greater than $153,000.
Which is the unhappiest generation? ›
However, the report reveals that Gen Z (aged 15-24) are unhappy. Young Americans are the most discontent with many experiencing 'mid-life crises'. But what's making them sad? The annual World Happiness Report has been published for the year 2024 and there's not much to be happy about.
Does each generation get richer? ›
The average 64-75-year-old American is 94% wealthier than the average 35-year-old. Today's 40-year-olds own half the wealth of older generations when they were the same age. Baby boomers owned 33% more real estate than Generation X at the same age. Baby boomers are collectively 10 times wealthier than millennials.
What was the best generation to be born? ›
The Greatest Generation commonly refers to those Americans who were born in the 1900s through the 1920s. The Greatest Generation members lived through the Great Depression and many of them fought in World War II. These individuals have often been described as driven, patriotic, and team players.
