The Baby Boomer generation has now acquired almost a third of the nation's total wealth, leaving Generation Z and millennials at a disadvantage.

Baby boomers currently possess an unprecedented portion of the United States' wealth, according to observations by Apollo chief economist Torsten Slok in a Sunday blog post, referencing information from The Federal Reserve. In contrast to 1989, when individuals aged 70 and above controlled 19% of the household sector's assets, senior citizens in the U.S. Now account for 31% of the total wealth.

This substantial sum represents a disproportionately large portion when contrasted with other age groups. The Baby Boomers, constituting approximately 20% of the American populace, possess more than $85 trillion in assets, as indicated by Federal Reserve figures. In contrast, Millennials, who comprise a similar proportion of U.S. Residents, command merely around $18 trillion, approximately one-fifth of what Baby Boomers hold. 

The financial achievements of older Americans stand in sharp contrast to those of Gen Z, a demographic facing deep skepticism about the economic future, experiencing shut out from entry-level jobs due to the proliferation of AI, with numerous individuals sinking into credit card debt while grappling with student loan repayments. As of the previous year, this younger cohort possessed merely $6 trillion in wealth, notwithstanding their representation of an equivalent proportion of the populace compared to baby boomers and millennials.

“The baby [boomer] generation has really gobbled up a huge share of household wealth, so it’s left a lot less for other age cohorts,” Edward Wolff, professor of economics at New York University, told Coins2Day.

Baby boomers’ good timing

The septuagenarian population in America had parents who experienced their youth during the Great Depression, instilling in them valuable lessons about being thrifty and the significance of accumulating funds. However, the baby boomer demographic has benefited considerably from favorable circumstances during their developmental stages, contributing to their substantial financial stability.

During the 1970s, as a significant portion of the baby boomer generation began purchasing homes, inflation surged, which rendered home acquisition a desirable financial venture. With property values escalating in the subsequent years, the equity held by this demographic also grew considerably. Furthermore, the older generation has benefited from equity holdings, as baby boomers possess 54% of stocks valued at over $25 trillion, based on a preliminary 2025 analysis of Federal Reserve statistics compiled by The Motley Fool. In contrast, millennials held approximately 8% of stocks valued at $3.9 trillion.

However, Generation Z, who might be following baby boomers’ lead regarding stock market ventures, haven't experienced comparable success in the real estate sector. The availability of homes has been limited since the 2008 downturn, made worse by extremely high mortgage interest rates, which discouraged property transactions and led to inflated housing costs.

Consequently, 2025 experienced a 21% decrease in the proportion of individuals purchasing their first property, with the age of these purchasers reached a record high of 40 years, as indicated by November data data from The National Association of Realtors, prompting Gen Z to delay acquiring their initial residences. A March Redfin report revealed that currently, merely 33% of 27-year-olds possess their own homes, contrasting with 40% of baby boomers who owned residences at that same age.

“They weren’t able to enjoy the big appreciation of house prices to the same extent as baby boomers,” Wolff said.

Gen Z’s silver lining

Although Gen Z might be confronting economic difficulties that define their era, there's still a positive outlook for them. A 2024 study by Pew Research Center data suggests that Gen Z could actually be in a better financial position better financial shape compared to younger individuals from earlier generations. In the year 2023, individuals in the Zoomer demographic earned a median income of approximately $20,000, when adjusted for inflation. Back in 1993, those aged 18 to 24 earned around $15,000. The increase in income finally outpacing home price growth could also represent a promising sign for individuals hoping to purchase a home.

A contributing factor to Gen Z's comparatively small portion of overall wealth is that they've simply had less opportunity to accumulate it, according to Michael Walden, a professor emeritus of economics at North Carolina State University, who spoke with Coins2Day.

“It makes logical sense that older people will accumulate greater percentages of wealth at any point in time because they’ve had more years to invest and reap the returns of their investments,” Walden said.

In addition to extended time, Gen Z will see indirect advantages from the financial commitments of their elders while anticipating the Great Wealth Transfer, which some projections suggest will allocate $124 trillion in inheritance to younger demographics. This year alone, 91 inheritors inherited a record $297.8 billion, as reported by UBS Billionaire Ambitions Report,, marking a 36% rise compared to the previous year.

Walden stated that the Great Wealth Transfer is approaching, but Gen Z and millennials ought not to depend on the passing of a relative to commence their wealth-building endeavors seriously.

“It’s hard to target when that’s going to come, so I would argue to any young person that I would be talking to, have a plan, be consistent with the plan,” he said.