Charted: U.S. Wealth by Generation

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1 hour ago

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June 27, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Charted: U.S. Wealth by Generation

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In 2023, American Baby Boomers owned 52% of the country’s net wealth despite comprising only 20% of the population.

Based on Federal Reserve data, this graphic illustrates the distribution of wealth in the United States from 1990 to 2023 by generation.

Generations are defined by birth year:

Silent Generation (born before 1946) Baby Boomers (born 1946-1964) Gen Xers (born 1965-1980) Millennials (born 1981-1996) Baby Boomers Own Over Half of the Wealth

Baby Boomers are often considered one of the luckier generations in terms of timing.

Most did not experience wars and benefited from strong economic growth driven by falling interest rates, a roaring stock market, global monetary expansion, and high earnings. Consequently, this group’s wealth grew from $4.5 trillion in 1990 to $76.2 trillion in 2023.

Wealth by Generation (USD, Trillions) YearSilentBaby BoomGen XMillennial 199017.3T4.5T0.2T0 199519.9T8.6T0.6T0 200022.8T17.0T2.2T0 200527.1T29.2T5.2T0.3T 201021.6T34.4T6.0T0.5T 201521.4T48.4T13.0T1.9T 202019.3T66.2T31.3T7.2T 202319.7T76.2T37.8T13.5T

Meanwhile, Gen X’s share of American wealth rose from 15% in 2013 to 26% in 2023. In contrast, with most of the cohort over 80 years old, the Silent Generation saw its share of the national wealth total drop from 79% in 1990 to 13% in 2024.

Contrary to their ‘broke generation’ label, millennials have defied expectations. They saw their wealth reach historic highs after the COVID-19 pandemic, amassing more wealth by their 40s than previous generations. In a significant leap, millennials’ share of wealth in America increased from a modest 1.4% to a promising 9.2% between 1990 and 2023.

If you enjoyed this post, be sure to check out this graphic, which shows the retirement savings that Americans currently hold.

Visualizing the Wealth of Americans Under 40 (1989-2023)

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5 hours ago

on

June 18, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Visualizing the Wealth of Americans Under 40 (1989-2023)

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Millennials have been often referred to as a “broke generation.” Whether in conversations or on the news, it is common to hear how those born in the 1980s or 1990s are struggling in today’s economy, particularly when it comes to entering the housing market or saving for retirement.

However, data shows that the wealth of Americans under 40 years old has hit historic highs after the COVID-19 pandemic, suggesting that millennials have accumulated more wealth by their 40s than previous generations.

To illustrate this, the graphic above shows the average wealth per household, adjusted for inflation, for Americans under 40 years old from Q4 1989 to Q4 2023 (in December 2023 dollars). The data is sourced from the Federal Reserve and accessed via the Center for American Progress.

Post-Pandemic Recovery

Data indicates that younger Americans have reaped the most benefits from the strong economic recovery after the pandemic, enjoying low unemployment rates and rapid wage growth.

The average wealth of U.S. households under 40 was $259,000 in the fourth quarter (Q4) of 2023, compared to $164,000 in Q4 1989 and $182,000 in Q4 2000.

QuarterAverage Wealth for Those Under 40 (USD) Q4 1990152K Q4 1995146K Q4 2000182K Q4 2005184K Q4 2010100K Q4 2015148K Q4 2020231K Q4 2023259K

Looking specifically at millennial households, inflation-adjusted wealth has more than doubled during the same period.

The increase in younger Americans’ wealth is not concentrated in a single area. Average housing wealth—house values minus mortgage debt—rose by $22,000 from 2019 to 2023. Younger Americans also saw gains in liquid assets, such as bank deposits and money market mutual funds, business ownership, and financial assets, mainly stocks and mutual funds.

Additionally, non-housing debt, such as credit card and student loan debt, fell for this age group after the pandemic.