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Baby boomers have the highest household net worth of any US generation.

Defined by the Federal Reserve as being born between 1946 and 1964 (currently in the ages between 59 and 77), baby boomers are in often in the sunset of their career or early into retirement.

Their higher net worth is expected: with most baby boomers financially planning for at least a few more decades, they benefit from wealth earned from long careers and have more robust retirement accounts than the silent generation, who have dipped further into retirement savings.

The silent generation (born before 1946) has the second-highest net worth (or assets minus liabilities) at around $1.29 million per household, followed by Generation X (born between 1965 and 1980) at $1.11 million per household. Millennials (born after 1980) are the generation with the least wealth. (The Federal Reserve does not have data on Generation Z yet.)

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Who has the most in assets?

Baby boomers also have the most assets per household, followed by the silent generation, Generation X, and millennials. As for asset components, baby boomers have the most in retirement savings, as many people of the generation have not yet retired or been retired for very long. They also have slightly more than the silent generation in stocks and real estate.

Generation X and millennials are still building their wealth. Millennials in particular have little wealth in stocks and mutual funds, averaging around $18,000 per household. Many also do not own real estate, an asset area traditionally used to build wealth.

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What about liabilities?

Generation X has fewer assets than boomers and the silent generation — and they also have the highest average liabilities. Generation X households have an average of $146,000 in unpaid mortgages. In fact, home mortgages are the biggest component of Generation X liabilities, indicating that many may be recent homeowners who still have a decade or longer before their homes are paid off.

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Millennials have the second-highest in liabilities per household, followed by baby boomers and the silent generation. These trends will likely shift as millennials grow in their careers and Generation X begins to retire.

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Distributional Financial Accounts
Last updated
December 16, 2022