Posted on 12/03/2025 9:46:54 AM PST by daniel1212
...first let me present the latest version of the chart (through 2023q3):
...young people have a lot more wealth than it appeared in past versions of this chart!..
this isn’t just the wealth of Millennials, and therefore the median age of this group is lower than in my past charts. The two dollar figures I highlighted are at the median age of 30 for these age cohorts (unfortunately we don’t have data for Boomers at that age)....
when the 2022 survey data was released (read my summary of the data), young people had a lot more wealth than we thought based on just projecting the 2019 data forward.
When we look at the wealth data for 2023q2 prior to the inclusion of the 2022 SCF, Millennials looked like they had about $8.3 trillion. But with the 2022 update, they now have over $13 trillion.
The Fed DFA defines Millennials as anyone “born 1981 or later.” For most years of this survey, that’s perfectly fine, as Gen Z were still children. But in 2023, the oldest members of Gen Z are 26. They are becoming adults and acquiring wealth. In 2022, 30 percent of 25 year-olds owned a home! This means that in the Fed DFA data, they are actually mixing in some of Gen Z’s wealth with Millennials. And when I just used the total Millennial population as the denominator, I would get the $183,000 wealth figure mentioned above, approaching double what Boomers had at the same age!
(Excerpt) Read more at economistwritingeveryday.com ...
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Of course, wealth is not based upon just how much $ one has, but the cost of good relative to that.
The Extended Family should try to maximize wealth across the entire family, instead of maximizing the wealth of some of the individuals.
Jeremy’s chart has become an entire Newsweek article https://www.newsweek.com/millennials-gen-z-wealthier-previous-generation-same-stage-1863904
P.C. January 26, 2024 / 4:21 pm
philclark56 January 29, 2024 / 1:53 pm
Your method of analysis concludes that the average Millennial/GenZ American has a net net worth of ~$118k at age 30. Removing Real Estate, that figure drops to an average of ~$86k, as noted on your supplementary chart. This would imply that a.) Real Estate is only accounting for ~$32k of the average Millennial/GenZ American’s net worth at the median age of 30, and b.) that the $86,000 is held in a mix of cash and securities. According to other reporting (https://www.cnbc.com/2023/10/28/americans-median-net-worth-by-age.html) the median net worth for Americans under 35y.o. (let alone a median age of 30) is less than half of that $86,000 figure–and that *includes* real estate–and is approximately one-third of the $118k sum. Ergo, your “average wealth” figure does not seem to be remotely correlated to the actual median American Millennial/GenZ circumstance, and instead seems incredibly skewed by the disproportionate allocation of wealth among the Millennial billionaire class. This, coupled with the generational “% of all American wealth” figures that I mentioned in my first comment suggest findings that are not consistent with the tone of your writing.
I think they call that socialism.
But if someone in a family hits it big and they choose to help the others that’s different.
One of my kids is an aerospace engineer. Last I knew, he makes $170,000 a year. Well above that of him siblings. (And me)
Over the last couple years two of my kids had some serious car trouble. He was very quick to offer to help with an interest free loan.
None of us believe in handouts.
No surprise. The largest effector of wealth building is time. The second largest is skills that interface with the new economy. Boomers had time, the young are wizards at the newest wealth-building tools.
60 years ago we used to hear about the very rare millionaires in their 20’s. There are many more of those as a percentage of the population now. Being a millionaire isn’t what it used to be, but being a millionaire who is under 35 means huge opportunities and more TIME to build a lot of wealth.
Do you really think the average household wealth in the USA is ~$1.5 million?
Report is skewed: see my comment #4
How much would a current operating cell phone have been worth in 1970? a current operating PC?
Mr. & Mrs. Fairly Young, congratulations on your wealth build-up.
The house you bought in late 2020 has shot up in price.
But the politicians are all campaigning on affordability - we might lose all our equity in a few years.
Hello, Mr. & Mrs. Long Island, nice house you’ve got here.
We think it is nice, but the taxes, it’s like we’re renting from the public employee unions.
How much?
$15,000/year!
You might be able to get a similar house in a better climate with a PITI of $12,000/year.
But Mr. Long Island has a nice, well-paying job in the city.
Do you hope Mayor Mandani doesn’t tax his employer away?
We’re worried.
[2027]
The Sino-Siberian Cancer Treatment Organization will use transferred patented technology once owned by leading EU, UK and UK drug companies that have been transferred to Russian trusts and Chinese chemical experts & oncologists to provide Chinese cancer patients with the latest cancer drug treatments at unbeatably low costs at Siberian treatment centers such as the one nearing completion in Vladivostok.
Investors from India are looking for warmer locales in the Federation.
Most would say no, you then can explain the HOA/socialism correlational. There will be some who sadly will run to give up their rights. Tho after having been fined by a HOA for their grass being 1/4 of inch to short or their outside light being a 5 lums to bright.
A 40-watt incandescent bulb produces approximately 400-500 lumens.
That may change.
Ask them how they would like to be told how to dress? 'No cut off shorts in public view...' Fine!
You can't leave you garage open for more then 10 minutes at a time...Fine!
Yard inspections at random, front and back yards? To many plants. Referring to an herb garden. Fine!
Some HOAs have rules that allow a HOA designated person (s) to inspect the inside of you house. Fine! furniture doesn't match.
All the while watching you like an east German boarder guard ready to pounce at any given moment to apply a fine. Fine! Fine! Fine! Fine! Fine! Fine! Fine! Fine! Fine!
Most of the time if their IQ is higher then their waist and shoe size added together they will under stand the socialism is a bad thing.
For those that don't get it, don't get mad. Give them a shinny selfie-stick and suggest that they could get some really rad action pic's by the main highway for their social media...............
I kid, I kid....
I did not post the link I have for cheep bulk buys of selfie-sticks on the advice by my friend who is a lawyer.......you can google it tho. *-)
“border” I meant ‘border guard”
Enough to waste on DoorDash and Starbucks.
Having your house go up in value is bad. I don’t know why this fallacy is pushed. This just means you have more taxes to pay on an asset you are living in.
The ONLY time that it is good for your house to go up is when you are ready to sell.
The woman I am seeing now lives in an HOA and hates it. She recently inherited it from her mother, though she was living with her for a few years.
The notes she gets from them are so stupid, I would have gone postal. I live in the hood and I can do as I please.
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It would be much more interesting if you did this analysis and stripped out real estate holdings, which are accounting for the vast majority of increases between 2019-2024, and are skewing the data disproportionally toward those who have turned 30 in that range (born Oct 1989 – Dec 1993). Using the chart you linked to, as a matter of %, Gen X held 5.72% of U.S. wealth in Q1 2002, when their mean age was 30, and Millennials held 3.56% of U.S. wealth in Q1 2019, when the mean age of a true Millennial (born 1981-1996) was 30 (and the oldest Gen Z kid was only 21).