Millennials will have to increase their wealth sevenfold in the next few years to have as much as boomers did at age 35. Good luck.
When baby boomers hit a median age of 35 in 1990, they collectively owned 21% of the nation’s wealth.
In fact, this inter-generational wealth chart drawn by economist Gray Kimbrough using Federal Reserve data is a stark illustration of the yawning millennial wealth deficit. Adults under 40 have been accumulating less and less wealth over the past 30 years, plummeting from owning 13% of the wealth in 1989 to less than 7% today.
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