How Much Wealth Do Millennials Have? The Answer May Surprise You
Written by
Gabriel Vito
Edited by
Zuri Anderson
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Millennials are often described as financially behind, burdened by student debt, priced out of housing and struggling to build wealth. Much of the recent coverage has focused on those challenges, and for good reason. For many millennials, financial pressure is real and ongoing.
But that is only part of the story. Recent data shows that while a large share of millennials are still struggling, a smaller portion of the generation has built meaningful wealth in recent years.
The difference has less to do with age and more to do with access to assets. In short, millennial wealth exists, but it is uneven. Read on below to learn more.
Millennials Who Are Still Struggling
For many millennials, wealth-building has been difficult to get off the ground. Recent data from the Federal Reserve’s Distributional Financial Accounts, shows that wealth gains among younger households have been concentrated among those who own homes and financial assets. Renters, by contrast, have seen far smaller increases in net worth.
Student debt has also played a role. Recent Federal Reserve Bank of New York data shows that student loan balances remain elevated for younger borrowers, limiting their ability to save, invest or qualify for mortgages.
Housing affordability remains a major dividing line. Recent Census and Federal Reserve data shows that home prices have risen far faster than incomes in many parts of the country, keeping homeownership out of reach for a large share of millennials. Even those who managed to buy often face higher mortgage payments relative to income than earlier generations did at the same stage.
That strain shows up in financial resilience. According to the Federal Reserve’s most recent survey on household well-being, younger adults are significantly less likely than older generations to have emergency savings, leaving many millennials with little financial buffer even when they are employed.
Millennials Who Are Building Wealth
At the same time, some millennials have benefited significantly from rising asset prices and market gains in recent years.
A late-2024 Wealthfront analysis of Federal Reserve data shows that millennials’ total net worth has nearly quadrupled since 2019, reflecting broad increases in housing values and financial assets. These gains are real, but they are not evenly distributed across the generation.
According to Empower Personal Dashboard data, millennials’ average net worth grew faster than that of Gen X and baby boomers over the past year, averaging 12.74% in 2024.
A February 2024 analysis from the Federal Reserve Bank of St. Louis found that older millennials, in particular, ended up with higher median wealth than historical trends predicted, largely because they owned homes and financial assets.
Taken together, the data shows that millennial wealth gains are real, but uneven. Those who owned homes or had exposure to financial markets benefited most, while others were largely left out of the upswing.
So, How Much Wealth Do Millennials Have Overall?
Here is the straight answer: Most millennials are not wealthy, but a smaller group is doing very well.
According to the Federal Reserve’s most recent Survey of Consumer Finances, households headed by adults in typical millennial age ranges have median net worth in the tens of thousands of dollars, while average net worth is several hundred thousand.
But before that number sounds wildly out of touch, it helps to understand how averages work. The average is skewed upward by a relatively small number of wealthier millennials, particularly homeowners and higher earners, whose large asset gains pull the figure higher than what most people experience.
That gap has fueled confusion around millennial finances.
“People often think millennials have no chance at building wealth because of the obstacles of homeownership and debt,” said Melanie Musson, a finance expert with Quote.com. “But millennials aren’t afraid to invest, and their investment habits are actually better than those of earlier generations.”
In practical terms, the typical millennial is still building wealth, while a smaller share of the generation has accumulated significant assets.
How Millennials Compare to Gen X and Boomers
When millennials are compared with older generations at the same age, the picture becomes clearer.
“Millennials’ current financial status is comparable to that of Gen X at the same age. They have some advantages and some disadvantages,” said Musson. “Compared to boomers at the same age, they’re pretty clearly behind.”
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