People say millennials are always on their phones, but if we had the portfolio they did, we’d be glued to our screens, too. Once seen as financially unlucky due to underemployment and crushing student debt, this generation’s fortunes have turned dramatically. For millennials (born in 1981 or later), median household wealth has nearly tripled since 2016 — putting them ahead of previous generations at similar ages.

• According to the St. Louis Fed, the median net worth of older millennials born in the 1980s surged to $130K in 2022 — more than double the $60K they had in 2019.
• By early 2024, millennials and older Gen Zers held about 25% more accumulated assets on average than Gen Xers and baby boomers at similar ages.

Home sweet wealth: The real estate boom has played a huge role in wealth accumulation for millennials, even outpacing gains from stocks and mutual funds. Those who entered the housing market before prices soared have seen their financial gains grow, with real estate values for the generation rising by $2.5T — even after accounting for additional mortgage debt. And this is before many millennials are set to receive windfalls from inheritance, a phenomenon financial planners call the “Great Wealth Transfer.” Over the next 20 years, $90T could move from older generations like the boomers to millennials — potentially making them the wealthiest generation in history.