Data Analysis
Net Worth by Generation
How has wealth changed from Boomers to Millennials? Explore Federal Reserve data comparing net worth across generations - adjusted for inflation.
- Uses 10-year age brackets (e.g., 35-44) - groups people at different life stages
- Survey timing affects results - economic conditions at survey date impact comparisons
- Household composition has changed over time - more single-person households today
Key Findings
Based on Federal Reserve Survey of Consumer Finances data from 1989-2022. All figures are inflation-adjusted to 2022 dollars.
2022 Snapshot
Current median net worth by life stage from the most recent Federal Reserve survey.
Generational Context
Each generation measured when their midpoint reached ages 35-44. Economic conditions varied significantly.
Complete Data Table
Median net worth by generation at each life stage. All values in 2022 dollars. Survey years in parentheses indicate when data was collected.
| Age Group | Silent | Boomers | Gen X | Millennials | Gen Z |
|---|---|---|---|---|---|
| Under 35 | - | $19K (1989) | $20K (2001) | $14K (2016) | $39K (2022) |
| 35-44 | - | $101K (1995) | $60K (2013) | $135K (2022) | - |
| 45-54 | $226K (1989) | $228K (2004) | $247K (2022) | - | - |
| 55-64 | $233K (1998) | $231K (2016) | - | - | - |
| 65-74 | $343K (2007) | $410K (2022) | - | - | - |
| 75+ | $327K (2016) | - | - | - | - |
Source: Federal Reserve Survey of Consumer Finances. Each cell shows the median net worth when that generation's midpoint was at the bracket's midpoint age. Empty cells indicate the generation hasn't reached that age bracket yet or data is unavailable.
Wealth by Life Stage Across Generations
Comparing median net worth at the same age brackets across generations. This chart shows what each generation had accumulated by each life stage, allowing fair comparison. Survey years vary by generation.
Each point shows median net worth when that generation's midpoint age was in that bracket. Silent Generation starts at 45-54 because the SCF began in 1989 when they were already 44+. Millennials and Gen Z have limited data as they haven't yet reached later life stages. Hover for details.
Wealth Comparison Calculator
Enter an age and net worth to see percentile ranking and how it compares to previous generations at the same age.
At This Age, Previous Generations Had:
Data from Federal Reserve Survey of Consumer Finances. Values are median net worth in 2022 dollars. *Early millennials only for ages 35-44. Silent Generation unavailable for under-45 (SCF began 1989 when they were 44+).
What the Data Reveals
Economic Timing Matters
Each generation entered the workforce under different economic conditions. Boomers benefited from post-war growth and affordable housing, while Millennials faced the 2008 financial crisis early in their careers and rising housing costs.
The 2010 Dip
Net worth for young adults dropped significantly after the 2008 crisis. The 35-44 age group saw median wealth fall from $127K in 2007 to just $58K in 2010 - a 54% decline that affected Gen X and early Millennials.
Recent Recovery
The 2022 data shows significant recovery, particularly for younger households. Under-35 median net worth jumped from $16K in 2019 to $39K in 2022 - though this may partly reflect pandemic-era savings and asset appreciation.
Understanding Generational Wealth Differences
Comparing wealth across generations requires careful consideration of context. The raw numbers tell part of the story, but economic conditions, life circumstances, and measurement timing all play important roles.
What the Numbers Include
Net worth in the Survey of Consumer Finances includes all assets (homes, retirement accounts, investments, vehicles, savings) minus all debts (mortgages, student loans, credit cards, other debt). It's a comprehensive measure of household wealth.
Factors That Shaped Each Generation's Wealth
- Baby Boomers (1946-1964): Entered the workforce during strong economic growth, bought homes when prices were lower relative to incomes, and benefited from company pensions. Many reached peak earning years before the 2008 crisis.
- Generation X (1965-1980): Faced the dot-com bust early in their careers and the 2008 crisis during prime earning years. Often called the "forgotten generation" in wealth discussions, they sit between the larger Boomer and Millennial cohorts.
- Millennials (1981-1996): Graduated into the Great Recession, carry more student debt than previous generations, and faced housing markets that outpaced wage growth. However, 2022 data suggests catching up may be occurring.
- Generation Z (1997-2012): The oldest members are just entering their late 20s. Early data shows strong starting positions, possibly due to lessons learned from watching Millennials' challenges.
Important Caveats
These comparisons have limitations worth noting:
- Age range groupings: The SCF uses 10-year age brackets, so someone at 35 and someone at 44 are grouped together despite being at different life stages.
- Survey timing: The SCF happens every 3 years, so it captures snapshots rather than continuous trends. A survey during a boom year looks different than one during a recession.
- Median vs. Mean: We focus on median (the middle value) because mean (average) is heavily skewed by wealthy outliers. The median better represents a "typical" household.
- Household composition: Family structures have changed over time, with more single-person households now than in 1989. This affects household-level wealth comparisons.
How We Define Generations
Generation boundaries are somewhat arbitrary and different sources use slightly different years. We use the Pew Research Center definitions, which are widely cited in academic and policy research:
Frequently Asked Questions
How does Millennial net worth compare to Baby Boomers at the same age?
At ages 35-44, early Millennials in 2022 had a median net worth of $135,300, compared to $100,840 for Boomers in 1995. Adjusted for inflation, this represents a 34% increase. Notably, Gen X showed the lowest wealth at this age ($59,890 in 2013), as they were measured while still recovering from the 2008 financial crisis.
What is the source of this generational wealth data?
This analysis uses data from the Federal Reserve Survey of Consumer Finances (SCF), a triennial survey that collects detailed information about family finances. The SCF is considered the most comprehensive source of wealth data in the United States and has been conducted since 1989.
Are these net worth figures adjusted for inflation?
Yes, all figures are adjusted to 2022 dollars using the Consumer Price Index. This allows for meaningful comparisons across different time periods. A dollar in 1989 had more purchasing power, so we adjust to make the comparison fair.
Why use median instead of average net worth?
Median is used because wealth distribution is highly skewed - a small number of very wealthy households would pull the average (mean) far above what typical families experience. The median represents the middle household, giving a better picture of "normal" wealth levels.
Why did net worth drop so dramatically in 2010?
The 2008 financial crisis caused home values and stock portfolios to plummet. Since housing is typically the largest asset for middle-class families, the housing crash hit net worth hard. The 35-44 age group was particularly affected as many had recently bought homes at peak prices.
Does this data account for student loan debt?
Yes, net worth includes all debts including student loans. Rising student debt is one factor cited for lower Millennial wealth compared to previous generations at the same age, though the impact is complex and interacts with education's effect on earnings.
Cite This Analysis
Using this data in your work? Here are ready-to-use citations in common formats.
@misc{net_worth_by_2026_rv1,
author = {FinancialAha Data Team},
title = {Net Worth by Generation: How Wealth Has Changed from Boomers to Millennials},
year = {2026},
url = {https://www.financialaha.com/data-analysis/us-net-worth-by-generation/rv1/},
note = {Accessed: 2026-01-06, Revision 1}
} TY - ELEC TI - Net Worth by Generation: How Wealth Has Changed from Boomers to Millennials (Revision 1) AU - FinancialAha Data Team PB - FinancialAha PY - 2026 DA - 2026/01/04 UR - https://www.financialaha.com/data-analysis/us-net-worth-by-generation/rv1/ Y2 - 2026-01-06 N1 - Revision 1 ER -
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