From Money Magazine:

Millennials and adult Gen Zers once held under 5% of total U.S. wealth but now are gaining ground. A study from the New York Federal Reserve shows that adults under 40 have grown their wealth by 80% since 2019, outpacing older generations. However, they still lag behind Americans aged 55 and older.

Younger adults increased their collective wealth by $3.8 trillion since the pandemic, but older Americans expanded their fortunes by $22 trillion. The recent financial gains of young adults are impressive, but their lower net worth and reliance on surging stock markets are factors to consider. Older Americans benefitted from a considerable growth in real estate assets, boosting their net worth as well.

The recent financial gains by young adults have led to a limited narrowing of age-based wealth disparities. Despite their relatively smaller piece of the wealth pie, they now own approximately 7% of the nation’s wealth, which is good news for them no matter how you cut it.

Source: Money, NY Federal Reserve. Current wealth based on July 2023 data. Amounts are adjusted for inflation.

Wealth gains by age:
| Wealth in 2019 | % of U.S. wealth in 2019 | Current wealth | % of current U.S. wealth |
|—————-|—————————|—————-|—————————|
| Age 18-39 | $5 trillion | 4.9% | $8.9 trillion | 6.6% |
| Age 40-54 | $25.5 trillion | 23.5% | $27.3 trillion | 20.5% |
| Age 55+ | $74.5 trillion | 75.4% | $97.3 trillion | 72.9% |

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