Millennial wealth gap

Answer
The wealth gap between rich millennials and the rest of their generation is unprecedented and the largest of any generation. While the average millennial has 30% less wealth at age 35 than baby boomers did, the top 10% of millennials boast 20% more wealth than their boomer counterparts. This disparity is driven by factors like lower homeownership rates, larger debts, and unstable jobs for most millennials, contrasted with greater rewards for high-skilled work benefiting the wealthiest millennials. The great wealth transfer from baby boomers, estimated between $70-90 trillion over 20 years, will primarily benefit already affluent millennial heirs. Self-made millennial entrepreneurs are less common than inheritors of existing fortunes. This is creating a lucrative market for luxury services catering to young millionaire heirs. Overall, millennials owned just 6.6% of the nation's wealth in 2022, compared to 50.4% for boomers. Economic headwinds like the 2008 recession, student debt burdens, and housing unaffordability have made it harder for millennials to build wealth. However, the total millennial wealth doubled from 2020-2022 due to factors like rising real estate values. While millennials are expected to inherit $90 trillion and become the richest generation, this will primarily benefit those from already affluent families, potentially deepening wealth inequality. The number of ultra-high-net-worth individuals grew 4.3% globally in 2023, with North America seeing the largest 7.2% increase. In summary, while overall millennial wealth is growing, particularly for the richest millennials benefiting from inheritances and high-skilled careers, the generational wealth gap between rich and poor millennials is stark and unprecedented.
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