Money Average net worth per generation
An estimated $124 trillion in assets is predicted to be passed from older to younger generations by 2048. [1] CFA Institute, ‘Dispelling myths about the ‘Great Wealth Transfer’ https://www.cfainstitute.org/insights/articles/great-wealth-transfer-myths-reality But how much wealth do the different generations hold now? A study on behalf of Self Financial explores the total – and average individual –wealth of millennials, Generation X, baby boomers, and the Silent Generation. By using historical Federal Reserve and population data, the study also provides inflation-adjusted comparisons for people in their 30s, 40s, and 50s.
It’s important to bear in mind that some living expenses have outpaced the inflation rates calculated by the consumer price index. [2] U.S. Bureau of Labor Statistics, ‘CPI Inflation Calculator’ https://www.bls.gov/data/inflation_calculator.htm For example, since 1963, the Consumer Price Index has increased by 896%, but median house prices have risen by 2,353.93%. [3] FRED, ‘Consumer Price Index for All Urban Consumers: All Items in U.S. City Average’ https://fred.stlouisfed.org/series/CPIAUCSL This means that when considering historic data, a smaller inflated figure doesn’t necessarily mean a generation had less disposable income.
Key findings:
- The average 61-79-year-old American (Baby Boomer Generation) is 137.8% wealthier than the average 29-44-year-old (Millennial generation).
- Baby boomers own 148.5% more in funds and equities than millennials.
- Generation X owns 12.2% less real estate compared to baby boomers when they were the same age.
- Baby boomers are collectively 5.2 times wealthier than millennials.
- Millennials are 109% better off than Generation X in terms of wealth accumulated around the same age (35 years old).
The generational wealth gap
A generation is a social group born around the same time period – typically around 15 years. [3] FRED, ‘Consumer Price Index for All Urban Consumers: All Items in U.S. City Average’ https://fred.stlouisfed.org/series/CPIAUCSL The largest population group according to the last census population data in 2024 are the millennials (21.71%), followed by baby boomers (20.9%).
| Generation | Birth year | % of population in 2024 |
|---|---|---|
| The Greatest Generation | born before 1928 | 0.1% |
| Silent generation | 1928 - 1945 | 4.48% |
| Baby boomer | 1946 - 1964 | 19.67% |
| Generation X | 1965 - 1980 | 19.27% |
| Millennial | 1981 - 1996 | 21.81% |
| Gen Z | 1997-2012 | 20.81% |
| Generation Alpha | 2013-2025 | 13.85% |
In 1998, the American population under 40 held 13.1% of America’s total wealth. Considering the adult population over the age of 28 in 2024, Millennials and Generation Z hold 35.5% of the total wealth. This means that millennials and Generation X have double the wealth older generations had when they were the same age.
| Date | Silent wealth per person | Baby Boomer wealth per person | GenX wealth per person | Millennial wealth per person |
|---|---|---|---|---|
| 1989 | $210,856 | $54,582 | $1,396 | $0 |
| 1990 | $218,058 | $54,536 | $1,817 | $0 |
| 1991 | $232,450 | $60,731 | $2,892 | $0 |
| 1992 | $243,967 | $67,705 | $3,703 | $0 |
| 1993 | $256,831 | $79,066 | $5,142 | $0 |
| 1994 | $268,993 | $87,688 | $5,593 | $0 |
| 1995 | $283,424 | $101,118 | $8,013 | $0 |
| 1996 | $302,501 | $115,333 | $10,288 | $0 |
| 1997 | $324,912 | $133,067 | $14,876 | $0 |
| 1998 | $352,808 | $157,680 | $20,930 | $0 |
| 1999 | $372,529 | $183,571 | $28,522 | $0 |
| 2000 | $393,310 | $213,446 | $35,712 | $0 |
| 2001 | $378,794 | $223,623 | $34,305 | $114 |
| 2002 | $377,552 | $234,827 | $34,428 | $453 |
| 2003 | $434,175 | $255,284 | $38,874 | $787 |
| 2004 | $488,073 | $301,266 | $50,546 | $1,415 |
| 2005 | $528,490 | $343,290 | $64,995 | $3,142 |
| 2006 | $563,044 | $384,367 | $78,975 | $4,151 |
| 2007 | $585,054 | $416,638 | $88,451 | $4,460 |
| 2008 | $552,202 | $406,029 | $71,699 | $3,604 |
| 2009 | $517,515 | $408,037 | $64,370 | $4,395 |
| 2010 | $531,812 | $444,220 | $83,262 | $6,198 |
| 2011 | $512,213 | $469,657 | $103,017 | $6,383 |
| 2012 | $531,428 | $495,596 | $127,932 | $6,885 |
| 2013 | $565,552 | $545,797 | $167,299 | $13,053 |
| 2014 | $607,279 | $612,459 | $189,892 | $18,721 |
| 2015 | $634,143 | $659,670 | $197,609 | $24,803 |
| 2016 | $657,204 | $706,806 | $212,247 | $31,454 |
| 2017 | $673,264 | $757,526 | $269,675 | $39,222 |
| 2018 | $667,903 | $796,364 | $329,871 | $45,366 |
| 2019 | $673,809 | $850,942 | $395,987 | $56,013 |
| 2020 | $714,213 | $902,511 | $437,901 | $81,480 |
| 2021 | $979,405 | $1,038,406 | $532,231 | $131,319 |
| 2022 | $1,091,033 | $1,038,672 | $537,288 | $164,106 |
| 2023 | $1,193,685 | $1,065,589 | $559,663 | $176,759 |
| 2024 | $1,213,570 | $1,166,415 | $621,166 | $214,759 |
In 2024, the vast majority of the country’s wealth (64.5%) belonged to the older generations, with baby boomers owning a whopping 51.7% of the country’s wealth, while the silent generation owned 12.8%.
Generation X (aged between 45 and 60 years) owns 25.7% of the country’s total wealth, while millennials (29-44 years) only possess 9.8% of the country’s total wealth. Hence, as a group, baby boomers are more than 5 times wealthier than millennials.
It’s important to note when considering this data that this wealth is not evenly distributed across the population. A report from the Congressional Budget Office in 2024 estimated that the top 10% of wealthy Americans accounted for 60% of the nation’s wealth. Whereas the poorest half of the population accounts for just 6% of the nation’s wealth. [4] USA Today, ‘America's top 10% controls 60% of the wealth. The bottom half holds 6%’ https://eu.usatoday.com/story/money/2024/10/24/americas-richest-10-percent-controls-60-percent-of-wealth/75790850007/
Looking closer at the wealth distribution of millennials, Mark Zuckerberg, who has an estimated net worth of $217.7 billion, single-handedly owns 1.4% of all millennial wealth. [5] Analytics Insight, ‘Mark Zuckerberg’s Net Worth in 2025’ https://www.analyticsinsight.net/ampstories/finance/mark-zuckerbergs-net-worth-in-2025
“Phantom wealth” and the intergenerational wealth gap
As mentioned previously, wealth is not distributed evenly across the population. This is one reason why the estimated figures may seem inflated to the average person.
Millennials – who this study found to be better off than previous generations at the same age – may contrast with the perceived financial security of many within the generation. This disparity between how wealthy millennials are on paper versus how wealthy they feel has been dubbed “phantom wealth”. [6] Business Insider, ‘Millennials have 'phantom wealth' hidden in their homes and 401(k)s — but they don't feel rich’ https://www.businessinsider.com/millennial-wealth-house-rich-cash-poor-retirement-homeowner-budgeting-economy-2024-8 “Phantom wealth” refers to wealth that is not immediately available, like money tied up in housing or a 401 (k).
It’s also worth noting that, according to St. Louis Fed analysis, the wealth inequality gap between the top 20% and the bottom 20% of this generation in 2022 was larger than boomers at the same age. If you are a black millennial, you are also half as likely to own your own home than a white millennial – a larger gap than in other generations. [6] Business Insider, ‘Millennials have 'phantom wealth' hidden in their homes and 401(k)s — but they don't feel rich’ https://www.businessinsider.com/millennial-wealth-house-rich-cash-poor-retirement-homeowner-budgeting-economy-2024-8
Looking even closer at the figures within the millennial age cohort, the 1% wealthiest 25-to-29-year-olds held 81 times more wealth than the average millennial at the same age. On the other end of the age bracket, the richest 1% of 35-to-39-year-olds were 73 times wealthier than their age group’s median. [7] Inequality.org, ‘Will Today’s Millennials Ever Live in a More Equal USA?’ https://inequality.org/article/will-todays-millennials-live-in-a-more-equal-united-states/
How much real estate does each generation own?
In 2024, the baby boomer generation owned 40.9% of all real estate in the U.S., Gen X owned 29.4%, millennials 20.4% and the silent generation 9.3%.
Back in 1996, when the baby boomers were the same age as Generation X are today, they owned 41.6% of the real estate in the U.S. This is 12.2% more than Generation X owns in real estate today.
| Generation | Real estate (US$ trillions) |
|---|---|
| Silent and Earlier | 4.46 |
| Baby boomers | 19.68 |
| Generation X | 14.13 |
| Millennials | 9.79 |
What baby boomers own
While baby boomers own the largest chunk of real estate compared to other generations, this comprises only 22.7% of their total wealth. The largest portion (29%) of the combined wealth of baby boomers comes from corporate equities and mutual fund shares, followed by pension entitlements at 18.7%.
Other assets account for 17.2% of their wealth, while private businesses and consumer durables account for 8.9% and 3.5% respectively.
| Wealth component | Baby Boomer (US$ Trillions) |
|---|---|
| Real estate | 19.68 |
| Consumer durable goods | 3.02 |
| Corporate equities and mutual fund shares | 25.15 |
| Defined benefit pension entitlements | 9.76 |
| Defined contribution pension entitlements | 6.45 |
| Private businesses | 7.73 |
| Other assets | 14.91 |
Source [6] Business Insider, ‘Millennials have 'phantom wealth' hidden in their homes and 401(k)s — but they don't feel rich’ https://www.businessinsider.com/millennial-wealth-house-rich-cash-poor-retirement-homeowner-budgeting-economy-2024-8
What millennials own
Although millennials only possess 20.4% of the nation’s total wealth relating to real estate, this is where most of their money (40.8%) is held.
| Wealth component | Millennial (US$ Trillions) |
|---|---|
| Real estate | 9.79 |
| Consumer durable goods | 2.04 |
| Corporate equities and mutual fund shares | 3.72 |
| Defined benefit pension entitlements | 1.45 |
| Defined contribution pension entitlements | 1.82 |
| Private businesses | 1.89 |
| Other assets | 3.26 |
Pension entitlements account for 13.6% of the millennials’ wealth, another 13.6% is tied up in other assets, 8.5% in consumer durables, 7.9% in private businesses, and 15.5% in corporate equities and mutual funds.
The value of assets: baby boomers versus millennials
Diving deeper into the assets owned by baby boomers and millennials, the study shows that there’s a significant difference in the value of the assets owned.
The value of the total real estate owned by baby boomers is worth $19.68 trillion. The real estate owned by millennials is worth 49.7% of that at $9.79 trillion.
The difference in value of the corporate equities and mutual fund shares is even greater between the two generational groups; baby boomers own equities and funds to a total value of $25.15 trillion. Millennials, on the other hand, only own $3.72 trillion in equities and funds, meaning that baby boomers own 148.5% more in funds and equities than millennials.
Pension entitlements owned by baby boomers are worth $16.21 trillion compared to $3.27 trillion owned by millennials. Baby boomers’ private businesses are worth $7.73 trillion, while millennials’ private businesses are worth just 24.5% of that at $1.89 trillion.
Consumer durables owned by baby boomers are worth $3.04 trillion, while the consumer durables owned by millennials stack up to a value of $2.04 trillion.
Other assets owned by baby boomers are worth a total of $14.91 trillion, while millennials own $3.26 trillion worth of other assets.
| Wealth component | Baby Boomer (US$ Trillions) | Millennial (US$ Trillions) |
|---|---|---|
| Real estate | 19.68 | 9.79 |
| Consumer durable goods | 3.02 | 2.04 |
| Corporate equities and mutual fund shares | 25.15 | 3.72 |
| Defined benefit pension entitlements | 9.76 | 1.45 |
| Defined contribution pension entitlements | 6.45 | 1.82 |
| Private businesses | 7.73 | 1.89 |
| Other assets | 14.91 | 3.26 |
Average wealth per generation over time
The data below shows the average wealth per generation historically. To get as accurate a view as possible, the study has taken inflation rates into account. The data shows the average wealth the different generations had when they were in their 30s, 40s, and 50s.
As noted in the introduction, even with inflation applied, some living expenses have outpaced inflation. This means that just because the inflated value is greater, it doesn’t guarantee it will have greater spending power.
35 years of age
Comparing Generation X and millennials, the data shows that millennials are 109% better off than Generation X in terms of wealth accumulated around the same age. By the time Generation X was in their 30s, they had an average wealth of $105,334 (inflation rates taken into consideration), while millennials had an average wealth of $219,742. As mentioned previously, wealth inequality, the higher cost of housing, and “phantom wealth” may account for why many millennials feel worse off in comparison to their elders at the same age.
The average baby boomer had a wealth of $134,961 in their 30s, 47.8% less than the wealth of millennials around the same age.
| Year | Generation | Median age | Average wealth per person | With inflation (to 2025) |
|---|---|---|---|---|
| 1990 | Baby boomers | 35 | $54,536 | $134,961 |
| 2008 | Generation X | 35 | $71,699 | $105,334 |
| 2024 | Millennials | 35 | $214,759 | $219,742 |
45 years of age
When baby boomers were in their 40s in approximately 2000, they had an average wealth of $213,446 ($398,001 when adjusted for inflation in 2025). Generation X in their 40s had accumulated a wealth of $329,871 in 2018 ($420,820 when adjusted for inflation in 2025).
| Year | Generation | Median age | Average wealth per person | With inflation (to 2025) |
|---|---|---|---|---|
| 2000 | Baby boomers | 45 | $213,446 | $398,001 |
| 2018 | Generation X | 45 | $329,871 | $420,820 |
55 years of age
When the silent generation reached their 50s in 1992, their average wealth was $243,967. Using historical inflation rates, that number is equivalent to a wealth of $559,393 in today’s value. Baby boomers held an average wealth of $444,220 in their 50s, equivalent to $655,156 in today’s value.
| Year | Generation | Median age | Average wealth per person | With inflation (to 2025) |
|---|---|---|---|---|
| 1992 | Silent generation | 55 | $243,967 | $559,393 |
| 2010 | Baby boomers | 55 | $444,220 | $655,156 |
Baby boomer wealth grew rapidly between 1996 and 2014, with an increase of over $35.53 trillion across all people in the baby boomer age range. The baby boomer population also decreased by over 5 million during this time. This meant that, with a much larger total wealth and a smaller population in this age group, the average baby boomer’s wealth grew from $115,333 in 1996 to $612,459 in 2014.
Methodology
The population data and wealth data for the silent generation, baby boomers, Generation X, and millennials are derived from the Census and the Federal Reserve.
At the time the research was carried out, data for Generation Z was not categorized. The net worth per generation at specific times was calculated using a formula (net worth/population per generation group of that year). Where population data was missing, data from the Annie E.Casey Foundation was used, and 2024 population data was sourced from Statista.
The distribution of Household Wealth in the U.S. since 1989 is analyzed. Q4 of each year, except 2022, is used due to unavailability. Q3 2022 is used instead.
Distributions by generation on the Federal Reserve Data are defined by birth year as follows: Silent and Earlier=born before 1946, Baby Boomer=born 1946-1964, Gen X=born 1965-1980, and Millennial=born 1981 or later.
The inflation rates were calculated using the U.S. Bureau of Labor Statistics CPI inflation calculator.
Sources
- [1] CFA Institute, ‘Dispelling myths about the ‘Great Wealth Transfer’ https://www.cfainstitute.org/insights/articles/great-wealth-transfer-myths-reality
- [2] U.S. Bureau of Labor Statistics, ‘CPI Inflation Calculator’ https://www.bls.gov/data/inflation_calculator.htm
- [3] FRED, ‘Consumer Price Index for All Urban Consumers: All Items in U.S. City Average’ https://fred.stlouisfed.org/series/CPIAUCSL
- [4] USA Today, ‘America's top 10% controls 60% of the wealth. The bottom half holds 6%’ https://eu.usatoday.com/story/money/2024/10/24/americas-richest-10-percent-controls-60-percent-of-wealth/75790850007/
- [5] Analytics Insight, ‘Mark Zuckerberg’s Net Worth in 2025’ https://www.analyticsinsight.net/ampstories/finance/mark-zuckerbergs-net-worth-in-2025
- [6] Business Insider, ‘Millennials have 'phantom wealth' hidden in their homes and 401(k)s — but they don't feel rich’ https://www.businessinsider.com/millennial-wealth-house-rich-cash-poor-retirement-homeowner-budgeting-economy-2024-8
- [7] Inequality.org, ‘Will Today’s Millennials Ever Live in a More Equal USA?’ https://inequality.org/article/will-todays-millennials-live-in-a-more-equal-united-states/
