--- title: America’s Richest Generation Isn’t Letting Go Anytime Soon description: How boomers got so rich, a new Allianz analysis shows, has less to do with financial prudence and more to do with the luck of the draw. authors: - name: Adam Hardy role: Lead Data Reporter url: https://money.com/author/adam-hardy/ bio: Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers. education: University of South Florida, BA, Magazine Journalism at_money_since: 2021 articles: 499 covers: - Economy and Politics - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - The Penny Hoarder - Forbes Advisor - Creative Loafing - The New York Times - The Washington Post - Bloomberg - Harvard Law School - The Federal Register - National Consumer Law Center - CBS News - Becker's Hospital Review - Business Insider - Mother Jones - The Week - Fortune - The Philadelphia Inquirer - National Association of Student Financial Aid Administrators (NAFSAA) - Education Advisory Board (EAB) - The Institute for College Access & Success (TICAS) - This Morning with Gordon Deal - Empower - Reddit social: - https://www.x.com/hardyjournalism - https://www.linkedin.com/in/hardyjournalism/ editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Economy and Politics - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2025-09-05T14:02:04.000Z' section: Economy and Politics tags: - News word_count: 532 canonical: https://money.com/richest-generation-baby-boomers/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Groovy graphics reminiscent of the Baby Boomer era](https://img.money.com/2024/10/News-Boomers-Richest-Generation.jpg) Despite railing against the trappings of mainstream capitalist America in the ‘60s and ‘70s, baby boomers went on to trade their bohemian headbands for suits, ties — and blossoming investment portfolios. Boomers, which were born between 1946 and 1964, have now become the “wealthiest generation that has ever lived,” according to a [global wealth report](https://www.allianz.com/en/economic_research/insights/publications/allianz-global-wealth-report-2024/financial-assets-surprising-relief.html) from the financial firm Allianz. And it doesn’t look like subsequent generations are going to be able to dethrone them anytime soon. How boomers got so rich, Allianz’s analysis shows, has less to do with financial prudence and more to do with the luck of the draw. “A unique historical situation — strong economic growth, affordable housing markets and booming equity markets — allowed them to build up a handsome fortune,” Allianz researchers wrote. ## Take control of your retirement with the help of a Financial Advisor ### Unbiased specializes in helping you plan and prepare for your future based on your goals. Select your state to get the help you need. [Get Started](https://money.com/pr/l18b63030fa3?ap_referrer=%2Frichest-generation-baby-boomers%2F) ## How are boomers so wealthy? In the simplest terms, boomers have benefited the most from the economic gains of the past several decades while suffering the least from the financial crises — especially boomers who live in the U.S. As of 2024, American boomers had accumulated a staggering $80 trillion of wealth, according to [Federal Reserve data](https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/#quarter:139;series:Assets;demographic:generation;population:1,3,5,7;units:levels;range:1989.3,2024.2). That’s more than half of all household wealth in the nation, despite boomers only making up about 20% of the U.S. population. By comparison, Gen Xers (folks born between 1965 and 1980) held about $40 trillion. Millennials, born between 1981 and 1996, had around $15 trillion. The lion’s share of boomer wealth comes from a trove of stock and real estate assets. In fact, the value of boomers’ stock portfolio alone — clocking in at $23 trillion — far exceeds the total wealth of all millennials. The Allianz analysis suggests that this windfall mostly boils down to timing. The firm simulated how the wealth of different generations grew at vastly different rates despite individuals making all the same prudent financial decisions. The analysis assumed these major factors stayed the same: a 45% equity ratio, a 10% annual savings rate and a 40-year savings period, starting at age 20. - Under these circumstances, boomers enjoyed an average annual return of 9.1% and were able to amass a lifetime savings of over 850% of their disposable income. - Gen Xers, under the same set of rules, had a 6.7% annual return and saved up 606% of their income. - Millennials fared worse — with an annual return of 6.5% and a lifetime savings of 430% of their income. Sure, personal behaviors play a role, as well. Allianz noted that increasing one’s savings rate above that 10% baseline and/or allocating more of one’s portfolio into higher-risk investments could yield a higher return. But the biggest hits to generational wealth — factors like interest rates and economic cycles (especially the '90s stock market boom and the Great Recession bust) — are out of the general public's control. So for Gen Xers, it wasn’t their apathy that left them financially shortchanged. And millennials? No amount of penny pinching with homemade lattes is going to close the generational wealth gap. ## Get the financial advice you need, without leaving your home ### An Online Financial Advisor can help you develop a sound and effective economic plan that works for you. Click below to learn more. [Get Started](https://money.com/pr/u73fdabeac7e?ap_referrer=%2Frichest-generation-baby-boomers%2F) ![](https://s3.consumersadvocate.org/prd/image/image/26409/medium_84cd5235-e7cf-4d20-aff5-f5197af93ec8.png) Financial Advisors are standing by, ready to help you out today. [Get Started](https://money.com/pr/u30e1ddd1d92?ap_referrer=%2Frichest-generation-baby-boomers%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/richest-generation-baby-boomers/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Economy and Politics", "item": "https://money.com/economy-and-politics/" }, { "@type": "ListItem", "position": 3, "name": "Wealth", "item": "https://money.com/wealth/" }, { "@type": "ListItem", "position": 4, "name": "America’s Richest Generation Isn’t Letting Go Anytime Soon" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/richest-generation-baby-boomers/#webpage", "url": "https://money.com/richest-generation-baby-boomers/", "name": "America’s Richest Generation Isn’t Letting Go Anytime Soon", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2025-09-05T14:02:04.000Z", "mainEntity": { "@id": "https://money.com/richest-generation-baby-boomers/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/richest-generation-baby-boomers/#breadcrumb" } }, { "@type": "NewsArticle", "headline": "America’s Richest Generation Isn’t Letting Go Anytime Soon", "articleSection": "Economy and Politics", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2024/10/News-Boomers-Richest-Generation.jpg", "width": 2880, "height": 1920, "caption": "News-Boomers-Richest-Generation" } ], "author": [ { "@type": "Person", "name": "Adam Hardy", "url": "https://money.com/author/adam-hardy/", "@id": "https://money.com/author/adam-hardy/#author", "description": "Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers.", "image": "https://img.money.com/2022/01/a_adam-hardy.jpg?quality=85&w=400&h=440&crop=1", "email": "adam.hardy@money.com", "jobTitle": "Lead Data Reporter", "alumniOf": "University of South Florida, BA, Magazine Journalism", "subjectOf": [ { "@type": "WebPage", "url": "https://www.thepennyhoarder.com/", "name": "The Penny Hoarder" }, { "@type": "WebPage", "url": "https://www.forbes.com/advisor/", "name": "Forbes Advisor" }, { "@type": "WebPage", "url": "https://creativeloafing.com/", "name": "Creative Loafing" }, { "@type": "WebPage", "url": "https://www.nytimes.com/2023/05/01/opinion/biden-trump-harris-2024.html", "name": "The New York Times" }, { "@type": "WebPage", "url": "https://www.washingtonpost.com/opinions/2022/12/26/flexible-spending-account-is-flawed-benefit/", "name": "The Washington Post" }, { "@type": "WebPage", "url": "https://www.bloomberg.com/opinion/articles/2025-09-20/-100-000-h-1b-visa-fee-is-a-gamble-that-could-protect-us-jobs", "name": "Bloomberg" }, { "@type": "WebPage", "url": "https://petrieflom.law.harvard.edu/2024/02/08/whoop-and-the-irs-how-tax-avoidance-helps-health/", "name": "Harvard Law School" }, { "@type": "WebPage", "url": "https://www.federalregister.gov/documents/2025/12/29/2025-23853/weighted-selection-process-for-registrants-and-petitioners-seeking-to-file-cap-subject-h-1b#footnote-33-p60883", "name": "The Federal Register" }, { "@type": "WebPage", "url": "https://www.nclc.org/resources/what-states-can-do-to-stop-credit-reporting-abuses/", "name": "National Consumer Law Center" }, { "@type": "WebPage", "url": "https://www.cbsnews.com/news/open-enrollment-irs-changes-fsa-hsa-flexible-spending-account-health-savings-account-2023/", "name": "CBS News" }, { "@type": "WebPage", "url": "https://www.beckershospitalreview.com/rankings-and-ratings/20-top-us-hospitals-for-2025-per-money/", "name": "Becker's Hospital Review" }, { "@type": "WebPage", "url": "https://www.businessinsider.com/using-chatgpt-ai-write-cover-letters-job-applications-2023-2", "name": "Business Insider" }, { "@type": "WebPage", "url": "https://www.motherjones.com/politics/2026/04/a-major-strike-of-beef-workers-pauses-in-colorado-but-workers-say-the-fight-isnt-over/", "name": "Mother Jones" }, { "@type": "WebPage", "url": "https://theweek.com/business/economy/job-market-frozen-thawing", "name": "The Week" }, { "@type": "WebPage", "url": "https://fortune.com/2023/12/20/workers-lose-money-on-unused-fsa-accounts-deadlines-what-companies-should-do/", "name": "Fortune" }, { "@type": "WebPage", "url": "https://www.inquirer.com/opinion/editorials/liberation-day-tariffs-economy-stock-market-trump-20250401.html", "name": "The Philadelphia Inquirer" }, { "@type": "WebPage", "url": "https://www.nasfaa.org/news-item/37955/Student_Loan_Changes_2026_New_Repayment_Options_Taxable_Forgiveness_and_More_on_the_Way", "name": "National Association of Student Financial Aid Administrators (NAFSAA)" }, { "@type": "WebPage", "url": "https://eab.com/resources/blog/adult-education-blog/graduate-funding-shift-pricing-aid-strategies-aligned/", "name": "Education Advisory Board (EAB)" }, { "@type": "WebPage", "url": "https://ticas.org/california/state-private-loans-protections-blog/", "name": "The Institute for College Access & Success (TICAS)" }, { "@type": "WebPage", "url": "https://thismorningwithgordondeal.com/b/This-Morning-with-Gordon-Deal-August-04,-2026/421564107823081285.html", "name": "This Morning with Gordon Deal" }, { "@type": "WebPage", "url": "https://www.empower.com/the-currency/life/pumpkin-spice-season-spending", "name": "Empower" }, { "@type": "WebPage", "url": "https://www.reddit.com/r/Economics/comments/1va10oa/comment/p0i9bju/", "name": "Reddit" } ], "sameAs": [ "https://www.x.com/hardyjournalism", "https://www.linkedin.com/in/hardyjournalism/" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2025-09-05T14:02:04.000Z", "description": "How boomers got so rich, a new Allianz analysis shows, has less to do with financial prudence and more to do with the luck of the draw.", "abstract": "How boomers got so rich, a new Allianz analysis shows, has less to do with financial prudence and more to do with the luck of the draw.", "@id": "https://money.com/richest-generation-baby-boomers/", "inLanguage": "en-US", "editor": [ { "@type": "Person", "name": "Julia Glum", "url": "https://money.com/author/julia-glum/", "@id": "https://money.com/author/julia-glum/#author", "description": "Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. ", "image": "https://img.money.com/2021/10/a_julia-glum.jpg?quality=85&w=400&h=440&crop=1", "email": "julia.glum@money.com", "jobTitle": "Managing Editor", "alumniOf": "University of Florida", "subjectOf": [ { "@type": "WebPage", "url": "https://www.newsweek.com", "name": "Newsweek" }, { "@type": "WebPage", "url": "https://www.ibtimes.com/", "name": "International Business Times" }, { "@type": "WebPage", "url": "https://www.cbsnews.com/news/home-office-tax-deduction-who-qualifies/", "name": "CBS News" }, { "@type": "WebPage", "url": "https://www.goodmorningamerica.com/living/story/coupon-queen-woman-tik-tok-share-tips-couponing-66302189", "name": "Good Morning America" }, { "@type": "WebPage", "url": "https://www.wusa9.com/video/entertainment/television/programs/great-day-washington/tips-to-being-better-with-money-in-2021/65-a5b83e05-73ba-4d60-b9a8-1d47f9ac6018", "name": "WUSA9" }, { "@type": "WebPage", "url": "https://pix11.com/news/coronavirus/rebound/making-ends-meet/millenials-taking-biggest-financial-hit-from-pandemic/", "name": "Pix 11" }, { "@type": "WebPage", "url": "https://www.nytimes.com/2019/09/10/opinion/active-shooter-drill-schools.html", "name": "The New York Times" }, { "@type": "WebPage", "url": "https://mashable.com/article/forrest-fenn-treasure-found", "name": "Mashable" }, { "@type": "WebPage", "url": "https://www.washingtonpost.com/news/post-nation/wp/2014/08/13/theres-an-app-for-that-authorities-say-man-asked-siri-for-help-dumping-body/", "name": "The Washington Post" }, { "@type": "WebPage", "url": "https://www.cnbc.com/2020/06/08/treasure-buried-by-forrest-fenn-finally-found-after-10-years.html", "name": "CNBC" }, { "@type": "WebPage", "url": "https://www.politico.com/tipsheets/florida-playbook/2017/03/gillum-for-governors-rollout-stumble-florida-woman-gets-trump-shout-out-rubios-tampa-office-problems-218973", "name": "Politico" } ], "sameAs": [ "https://x.com/superjulia", "https://www.linkedin.com/in/julia-glum" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "wordCount": 532, "keywords": [ "News" ], "about": [ { "@type": "Thing", "name": "Political economy", "sameAs": [ "https://en.wikipedia.org/wiki/Political_economy" ] }, { "@type": "Thing", "name": "Wealth", "sameAs": [ "https://en.wikipedia.org/wiki/Wealth" ] } ] } ] } ```