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.
Get facts first
Unbiased, data-driven insights in your inbox each week
You are signed up for the facts!
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
Explore more of USAFacts
Newsletter
Data delivered to your inbox
Keep up with the latest data and most popular content.
FAQs
In the fourth quarter of 2023, 51.8 percent of the total wealth in the United States was owned by members of the baby boomer generation.
Which generation is going to be the richest? ›
Millennials could stand to inherit trillions worth of property and property assets passed down by ancestors in the next 20 years. Millennials could potentially become the wealthiest generation ever, according to estate agent Knight Frank's 2024 Wealth Report.
Is Gen Z going to be the richest generation? ›
The shift will see $90 trillion of assets move between generations in the U.S. alone, making affluent millennials “the richest generation in history” by Knight Frank's estimation. Separate figures show that Gen Z is set to cash in too.
What age group has the most wealth? ›
In 2022, the median net worth of Americans younger than 35 was $39,040, while the median net worth of Americans aged 65 to 74 was $410,000. Americans at retirement age had a median wealth 10.5 times that of those in the younger-than-35 age group.
Which generation is most financially responsible? ›
Generation Z adults—individuals who are between 18 and 25 years old—prove to be more financially sophisticated than any previous generation was at their age, according to The 2022 Investopedia Financial Literacy Survey.
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 $215 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 is the unhappiest generation? ›
Millennials and Gen Z are the unhappiest—but only in America
Finland's ranking didn't strike anyone as a surprise, as it's held onto its top spot for a while—in fact, the entire top 10 of the list has remained the same since before the COVID-19 pandemic. That top 10 includes all five Nordic countries.
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.
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.
Is Gen Z still the youngest generation? ›
Generational definitions are most useful when they span a set age range and so allow meaningful comparisons across generations. That is why the generations today each span 15 years with Generation Y (Millennials) born from 1980 to 1994; Generation Z from 1995 to 2009 and Generation Alpha from 2010 to 2024.
A Millennial is anyone born between 1980 and 1995. In the U.S., there are roughly 80 million Millennials. A member of Gen Z is anyone born between 1996 and the early-mid 2000s (end date can vary depending on source). In the U.S., there are approximately 90 million members of Gen Z, or “Gen Zers.”
Which generation donates the most? ›
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.
Which generation has the least wealth? ›
Younger American (millennial and Gen Z) families represented 33.4% of households and owned 9.2% of total family wealth (72% less wealth) in 2023. The baby boomers' shortfall was the smallest of the generations. SOURCES: Distributional Financial Accounts and Institute for Economic Equity calculations.
What is the richest generation of all time? ›
In an unprecedented financial shift, millennials are on the cusp of becoming the richest generation in history, with $90 trillion expected to be passed down to them over the next two decades.
How old are most millionaires? ›
Millionaires — those who have a net worth of at least $1 million —are, perhaps not surprisingly, on the older end. They're predominantly 55 and older; just 2.4% are under the age of 35.
What generation is the most prosperous? ›
Millennials stand to become the richest generation in history, after $90 trillion wealth transfer. Millennials are set to inherit as much as $90 trillion in assets before 2044, a new report shows.
Which generation is the most successful? ›
The Boomers are in the strongest position in that they have the best stuff. Given their disproportionate size, they have spent their lives being catered to, and are thus in better shape overall than subsequent generations in terms of finances and stability of life.
What generation made the most millionaires? ›
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.
