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
Baby boomers have the most wealth among four recorded generations. Other generations have less wealth, but it's not necessarily an indication of financial problems. Plan for upcoming economic issues such as higher housing and medical costs by investing early.
Are Gen Z richer than millennials? ›
Millennials were somewhat better off than Gen X—those born between 1965 and 1980—when they were the same age. Zoomers, however, are much better off than millennials were at the same age. The typical 25-year-old Gen Z-er has an annual household income of over $40,000, more than 50% above baby-boomers at the same age.
What age group has the most wealth? ›
Household net worth by age
| Age of head of family | Median net worth | Average net worth |
|---|
| Less than 35 | $39,000 | $183,500 |
| 35-44 | $135,600 | $549,600 |
| 45-54 | $247,200 | $975,800 |
| 55-64 | $364,500 | $1,566,900 |
2 more rowsJun 13, 2024
Which generation spends the most? According to data from the Bureau of Labor Statistics, Generation X (that is, people born between 1965 and 1980) spent the most money in 2022 with an average annual expenditure of $91,382. The top spending categories for Gen X were housing, transportation, and food (in that order).
What generations lose wealth? ›
The issue of generational wealth transfer is not a new one, nor is it uniquely American. Sixty% of wealth transfers are lost by the second generation, and 90% by the third. Only 10% of wealth passes beyond the third generation.
What generation has the most successful people? ›
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.
Why are millennials so rich? ›
There may be another factor creating so much wealth among millennials: inheritances. In what's known as "the great wealth transfer," baby boomers are expected to pass down between $70 trillion and $90 trillion in wealth over the next 20 years. Much of that is expected to go to their millennial children.
What does Gen Z value most? ›
Diversity and Multiculturalism
They value inclusivity, diversity, and equality, and expect brands and organizations to reflect these values in their practices. Gen Z's embrace of diversity extends beyond ethnicity and encompasses gender, sexual orientation, and socioeconomic backgrounds.
Why are millennials so different from Gen Z? ›
Generation Z vs Millennials: Key Takeaways
Millennials value stability (34%), while Gen Z puts more of an emphasis on finding their dream job (32%). More Gen Zers follow their parents' influence (42%), compared to their Millennial counterparts (36%).
What net worth is considered rich? ›
For example, individuals with $1 million in liquid assets are generally classified as having a high net worth. To be considered very high net worth, one might need assets ranging from $5 million to $10 million, while an ultra-high net worth status could require $30 million or more.
As of 2022, 80.3% of millionaires are above the age of 50. Between older people's longer lifespans and younger people facing housing and affordability crises, it seems people under 50 are having a harder time building up their wealth.
How old is the average rich person? ›
The median age of the world's billionaires is now 67, data firm Altrata said in a new report. Forty-two percent are over the age of 70, and fewer than 10% are under the age of 50, according to the study.
Which generation is the most generous? ›
As one of the most philanthropic generations, Baby Boomers have had a considerable impact on the charitable sector. Having lived through significant historical events, many Boomers feel a sense of responsibility to give back to society.
What generation will inherit the most money? ›
Still, over the next decade this intergenerational transfer could make millennials “the richest generation in history,” according to the annual Wealth Report by global real estate consultancy Knight Frank. These funds come at a time when millennials and Gen Zers are having a harder time making it on their own.
Which generation has the least debt? ›
Gen Z currently has the lowest average amount of credit card debt at an estimated $2,854. Credit card debt for millennials and Gen Z is increasing, but this type of debt is decreasing for Generation X, baby boomers, and the Silent Generation.
Who is considered the greatest generation? ›
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.
What is the wealth gap between generations? ›
According to the study, the average millennial has 30% less wealth at the age of 35 than baby boomers did at the same age. Yet the top 10% of millennials have 20% more wealth than the top baby boomers at the same age.
Who was the luckiest generation? ›
Baby boomers are often said to be the luckiest generation financially — but millennials will be better off than their parents in retirement, survey finds.
