Baby Boomers Have All the Wealth...For Now

It seems that the “baby boomer” generation (those born between 1946 and 1964) has fared far better financially than the subsequent generations throughout every stage of life.

When baby boomers hit a median age of 35 in 1990, they collectively owned 21% of the nation’s wealth. When Generation X (born between 1965 and 1980) hit that same milestone, they owned just 9% of the nation’s wealth. For Millennials (born between 1981 and 1996), it was even worse.

Currently boomers boast more than half (57%) of the nation’s wealth, while Gen X owns just 16%, and millennials 3%. On a positive note, boomers are expected to pass on their estates to their heirs in an upcoming period being called “the great wealth transfer”. That event may see millennials collecting around $59 trillion in wealth and assets!

(Chart from economist Gray Kimbrough via Marketwatch.com)

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