What Percentage of Millennials Have a $1 Million Net Worth?

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Millennials have faced major financial challenges and unprecedented economic situations, including everything from student loan debt and rising housing costs to inflation and a global pandemic. Despite these hurdles, some millennials are building serious wealth and even crossing the $1 million in savings mark.

Could this generation be on track to become the richest yet? Here’s how many millennials have over $1 million saved, and what’s driving their financial success.

Just How Many Millennial Millionaires Are There? 

The statistics on wealth by generation can fluctuate wildly from year to year, but at the turn of 2026, it is estimated that many members of the millennial generation have joined the ranks of millionaire status. Here are a few key takeaways:

• There has been a generous uptick in 401(k) millionaires as of late December 2025, with some experts approximating a 144% increase in millennial clients with over $1 million in their accounts in the same year. 
• Millennials are also estimated to hold 10.3% of the total U.S. wealth. 
• Around 16% of all millennials have reportedly achieved a net worth of over $1 million

Stocks Helped Boost Millennial Wealth

Millennials drive their wealth by investing in stocks and mutual funds. Data from CNBC shows that many millennials started buying stocks around age 25, compared to boomers, who didn’t begin until age 35.

Not only did the early investing give them a boost, but in the last five years, 401(k)s and brokerage accounts saw an increase from a booming market as the S&P 500 is up 23% compared to a return of 12.85% in the past five years. 

Post-Pandemic Boost

Besides getting a jump on investing early, timing has also played a role in millennials’ wealth. Not only was there financial assistance during COVID-19 that helped Americans during 2020 and 2021, such as stimulus checks and tax credits, but according to the Federal Reserve, government aid collectively saved households $2.3 trillion.

As millennials were a large percentage of the working population at that time, this boosted a lot of savings during the first half of the decade. It’s also important to note that interest rates were low at this time, which compounded the savings-to-spending ratio. 

While millennials are starting to pull ahead financially, they have faced challenging economic times. Yet, despite the difficult start, they are proving to be financially successful with the help of a bit of luck, smart decisions and hard work.

Heather Altamirano contributed to the reporting for this article.

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