Millennials Hold 3% of Total U.S. Wealth
Currently, millennials in the U.S. only hold 3% of total wealth in the country. This is much less than the total amount of wealth held by baby boomers when they were in the same age bracket as millennials. Comparatively, baby boomers held 21% of U.S. wealth when they were the current age of millennials.
Additionally, baby boomers have continued to accumulate wealth as they have aged. More specifically, the amount of U.S. wealth they hold has increased up to 60%. Gen X is not close to this accumulation of wealth. Aggregately Gen X only holds close to 16% of U.S. wealth.
Some explain the low accumulation of wealth as a consequence of age. These individuals have not fully entered the workforce or have entered the workforce for a shorter period of time, which accounts for low wealth.
However, others say that the low accumulation of wealth is a result of an affordability crisis. Living costs have increased without a concurrent increase in wages. Increases in the cost of living are also paired with an increase in student loan debt.