Millennials may be the largest generation workforce in the US, but they’re also the least wealthy.
The generation holds just 4.6%, or $5.19 trillion, of US wealth, Bloomberg reported, citing recent Federal Reserve data. Boomers, however, are 10 times wealthier. They hold 53.2%, or $59.96 trillion, of US wealth. That’s also twice the $28.5 trillion of US wealth that Gen X holds.
The Fed defined millennials as those born between 1981 and 1996 (turning ages 24 to 39 in 2020) and boomers as those born between 1946 and 1964 (turning ages 56 to 74 in 2020).
It’s a stark generational wealth gap considering there are 56 million millennials in the workforce, per the Pew Research Center, more than any other generation. By comparison, there are 41 million boomers in the workforce.
This wealth gap is partially explained by the fact that boomers are older, so they’ve had more time to