Young People’s Wealth Is Growing Much Faster Than Older Generations
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At the onset of the pandemic, millennials and adult Gen Zers held onto just under 5% of total U.S. wealth. By contrast, boomers and their parents dominated nearly three quarters of it.
But now, young adults are starting to quickly close the gap. A new wealth inequality study from the New York Federal Reserve found that adults under the age of 40 have grown their wealth a whopping 80% since 2019, far outpacing the financial growth of their elders.
“Real wealth has increased for all three age groups since 2019,” the NY Fed researchers wrote, "but the change has been most dramatic for younger adults.”
Americans 55 and older — roughly the age of baby boomers — have seen a 30% increase in wealth over that same time period. The wealth of those aged 40 to 54, aka Gen Xers, saw their wealth grow the least: 10%.
