Newsweek Article: Millennials Control Just 4.2 Percent of US Wealth, 4 Times Poorer...

[muriel_volestrangler]

44. No, that's wrong. The point is the Millennial *share* of wealth is smaller than earlier generations'

Here's the table used:

https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/#quarter:119;series:Net%20worth;demographic:generation;population:all;units:levels

In 1989, Boomers (age 25-43) had $4.35 trillion, those older $16 trillion. 21.3% for Boomers.
In 2020, Millennials (age 24-39) had $5.19 trillion, those older $106.86 trillion. 4.6% for Millennials.

In 1989, the wealthiest 1% had 23.5%, in 2020, 30.5%. Or, if you want to look at the wealth held in the groups youngest generations are mostly in, in 1989 the bottom 50% had $0.76 trillion, 50-90% had $7.25 trillion. In 2020, that was $2.08 trillion and $32.65 trillion. You can see that everyone now has more wealth - but the 'youngest generation' wealth hasn't kept up with inflation, or grown anything like as much as any wealth percentile has.

The growth of the 1%'s share is a bit of the reason for the decline in 'youngest generation', but by no means a complete explanation.