Average Net Worth by Generation: Are You Wealthy for Your Age?

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Understanding the average net worth of Americans, and where you stand in comparison, might help you make some financial adjustments that could bolster your finances. There are some generational disparities, however. According to the most recent Survey of Consumer Finances, wealth is not distributed equally.

But first, what is someone’s net worth? Simply put, it’s your assets minus your liabilities or debt. For example, the average net worth for U.S. families is about $1.06 million, but the median net worth is just $192,700. The latter is a bit more representative of the typical America, as the average is driven up so high due to very affluent households.

Though it would be nice if the average American households were millionaires based on everything from real estate to retirement accounts, that isn’t the case. However, calculating your net worth might not be as tricky as you think, and fortunately, neither is building wealth. 

Here is a breakdown of household net worth by age according to the Survey of Consumer Finances. Once you have a handle on how your financial situation stacks up, you can also see how you can increase your net worth.

Gen Z and Millennial Average Net Worth by Age

The younger generations don’t tend to hold the high net worths of older age groups, which is no surprise. Gen Z, people born between 1997 and 2012 (currently 13 to 28 years old), and millennials, born between 1981 and 1996 (currently 29 to 44 years old), often don’t have the same amount of stock options or investment accounts. Here are their average net worths:

35 and Younger   

• Median net worth: $39,000
• Average net worth: $183,500

Ages 35 to 44

• Median net worth: $135,600
• Average net worth: $549,600

Gen X and Baby Boomer Average Net Worth by Age

Those approaching retirement age or already fully enjoying retirement tend to have worked a longer time and therefore have access to more financial services. Their credit scores tend to be higher as well. 

Gen X is the generation of people born between 1965 and 1980 who are now between 45 and 60 years old. Boomers are people born between 1946 and 1964 and in 2025, the youngest boomers are 61 years old and the oldest are 79 years old. It’s important to note that those who are age 79 and older are considered part of the Silent Generation.

Here’s a peek at their finances:

Ages 45 to 54

• Median net worth: $247,200 
• Average net worth: $975,800

Ages 55 to 64

• Median net worth: $364,500
• Average net worth: $1,566,900

Ages 65 to 74

• Median net worth: $409,900
• Average net worth: $1,794,600

Ages 75+

• Median net worth: $335,600 
• Average net worth: $1,624,100

Hurdles for Younger Generations

The most recent research into these questions indicates that younger generations — Gen Z and millennials — are less wealthy than Gen X and the boomers were at the same age.

As Samuel Gregg, distinguished fellow in political economy at the American Institute for Economic Research, explained, millennials and Gen Zers own approximately 74 cents for every $1 of wealth owned by boomers when they were the same age.

“Should that trend continue over time, this will create some substantial disadvantages for millennials and Gen Z,” he said.

For instance, it means less disposable income for them because they have to spend more on necessities such as food, fuel and housing — which in turn compromises their lifestyle quality.

Gregg added, “It also means that these younger generations have less by way of capital to invest, whether in the stock market or property, less to put away immediately for retirement and less to devote immediately to paying off loans or mortgages. That does not augur well for their long-term economic security.”

Advantages of Younger Generations

The most obvious advantage is time. Indeed, younger generations have the advantage of having their highest-earning years ahead of them. More importantly, they have the power of compounding interest on their side.

“That’s how the oldest generations typically gained wealth,” said Todd Stearn, founder and CEO of The Money Manual. “You want to reinvest gains on your retirement plan assets and get the benefits of compounding interest for as long as that money is kept in the accounts. For many people today, this would be in a 401(k) plan at work.”

He noted that if you have credit card debt, you might have experienced compounding interest working against you.

“Many Gen X folks and millennials had to pay student debt, and that kept them from saving for retirement,” Stearn said. “But there’s a new federal law called SECURE Act 2.0 that allows your employer to contribute to your 401(k) retirement plan when you make qualified student loan payments. This is a big advantage that you should ask about at work, if it applies to you.”

Another factor is that the cost of living was certainly lower for baby boomers, but they also suffered from awful inflationary years.

“Actually inflation for boomers in the 1970s was much higher than even today,” Stearn said.

Another thing younger generations have on their side is that they are more entrepreneurial than older generations and are finding ways to bolster their income that can pay off in very big ways.

“They are more active in creating more passive income streams, in part because this is one way for them to increase their overall income and generate greater wealth over time,” Gregg said. “That could also result in more long-term economic independence and far less reliance on one job for long periods of time. For many Gen Zers and millennials, that seems to be a very desirable lifestyle choice.”

Editor’s Note: Median net worth and average net worth were sourced via the 2023 Survey of Consumer Finances. Data is accurate as of Apr. 21, 2025.

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