Millennials Are Quietly on Track to Become the Richest Generation
Millennials are on track to become the wealthiest generation ever. As trillions in wealth change hands, they’re positioned to gain more than anyone else.
This gallery breaks down the numbers, trends, and habits that are pushing millennial wealth higher.
👉 Click or Scroll through to see what’s driving the rise of millennial wealth in America.
Table of Contents
The Financial Turning Point No One Saw Coming
For years, millennials were labeled broke and burdened by debt. But now, the tide is turning. They’re saving more, inheriting trillions, and investing younger than past generations.
This shift isn’t hype. The numbers show it’s real.
👉 Keep scrolling to see the surprising data.
Millennials Are Wealthier Than Gen X and Boomers at the Same Age
Millennials often get painted as broke, but the numbers tell a different story. According to LendingTree, the median millennial had a net worth of $84,941, more than Gen X ($78,333) and Boomers ($58,101) had at the same age, even after adjusting for inflation.
That means millennials aren’t falling behind, they’re quietly building more wealth than previous generations did in their 30s. The gap comes from higher earnings, stronger markets, and earlier investing habits.
👉 Keep reading to see how much more wealth is coming to millennials.
Millennials Are Building Wealth Faster Than Older Generations
A 2024 report from the Center for American Progress shows millennials aren’t just gaining wealth, they’re outpacing everyone else. Between 2019 and 2023, their net worth doubled.
The broader under-40 group (including some Gen Z) saw a 49% rise in wealth, reaching an inflation-adjusted average of $259,000. Meanwhile, Gen X wealth actually dropped 7% during that same period, and Boomers saw only a 4% gain.
Millennials aren’t just catching up, they’re pulling ahead.
Majority of Millennials Expect Their Wealth to Grow
Knight Frank’s 2024 Wealth Report found that 75% of millennials expect their net worth to increase in the coming years. That’s more optimistic than Gen X (56%) or Baby Boomers (53%), and it shows how confident younger adults are about their financial futures.
Confidence doesn’t guarantee success, but it usually means people are taking action. Millennials are investing, saving, and building in ways previous generations didn’t have access to.
Boomers Hold $78 Trillion. Ways Their Wealth Impacts Younger Generations
The $84 Trillion Wealth Transfer Is Already Underway
The biggest financial event of the century isn’t a market crash, it’s the slow handoff of $84 trillion in wealth. That’s how much money experts project will pass from Baby Boomers to younger generations through 2045.
The majority of that will go to Gen X and millennials, who are already better equipped with tools, tech, and financial knowledge than previous heirs. This wealth transfer isn’t theoretical, it’s already started, and it’s accelerating.
Millennials Will Inherit the Largest Share of U.S. Wealth
Cerulli Associates estimates that $72.6 trillion of that $84 trillion will go directly to heirs. Millennials are set to receive the bulk of this in the coming decades, especially as Gen X nears retirement age.
The timing lines up: millennials are entering their peak earning years just as parents and grandparents begin passing down assets. Between inheritances, investment portfolios, and business sales, millennials are positioned to become the wealthiest generation on record.
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Boomers Own $8 Trillion in Private Businesses
According to Forbes, Baby Boomers collectively own private companies worth nearly $8 trillion. That includes over 40% of small businesses in the country. As Boomers retire, those companies will change hands, and not all are staying in the family.
The businesses built by one generation are now up for grabs, and millennials are often first in line to buy or take them over.
Many Small Businesses Are Being Sold to Millennials
Not every Boomer is passing their business down to the kids. In many cases, they’re selling instead, often to hungry, enterprising millennials ready to run the show.
Many of these are service-based businesses: restaurants, plumbing companies, local retail shops, auto repair garages, hardware service stores, and more.
As boomers retire, thousands of these “unsexy but steady” operations are changing hands. Millennials are stepping in, not to reinvent the wheel, but to keep it spinning profitably.
19 Reasons Boomers Are Struggling to Sell Their Businesses And Retire
Trillions in Real Estate Assets Will Change Hands
Knight Frank projects that over $90 trillion in real estate and other assets will change hands over the next 20 years. For millennials, this means gaining access to property they might not otherwise afford.
The transfer of family homes, rental units, and land means millennials could grow their net worth through assets that historically built generational wealth.
This shift also reshapes the real estate market itself, fewer first-time buyers, more inheritors.
Millennials Are Saving More Money Than Any Other Generation
Millennials led all age groups in 2024 savings, averaging $12,004.87 for the year, based on data reported by New York Life. Gen X followed with just over $7,000, while Gen Z saved $6,164. Baby boomers came in last with around $3,400.
It’s a strong signal that millennials are taking wealth-building seriously, stacking cash faster and earlier than older generations did. This kind of momentum turns habits into assets.
Many Boomers Did It Right: Smart Saving Habits Millennials Should Copy Now
Millennials Are Leading the Shift Toward Sustainable Investing
Roughly 80% of millennial and Gen Z investors say they plan to increase how much they invest in sustainable or ESG-focused assets. That’s well ahead of Gen X (56%) and miles above baby boomers (31%).
This isn’t a passing trend, it’s a fundamental shift in how younger generations build wealth. They’re not just chasing returns, they’re putting their money where their values are. Over time, that strategy could shape entire markets.
Most Millennials Expect to Inherit Significant Wealth
Roughly 68% of millennials and Gen Zers have received or expect to receive an inheritance, and the average amount clocks in around $320,000, based on data from USA Today Blueprint.
As more boomers age out of the workforce, the number of inheritances (and their size) is only expected to grow. For millennials, this shift could mean a massive boost in net worth, even for those who aren’t wealthy today.
We also made this related Video: Die With Zero: Boomers Refusing To Pass Down Estimated $84 Trillion
Millennial Wealth Is Growing, Even With Real Challenges
Yes, millennials face real challenges: rising housing costs, inflation, and student debt aren’t going away overnight. But 61% say they’re confident in their financial knowledge, according to Investopedia, and that confidence shows.
More millennials are budgeting, investing, and making informed decisions earlier than previous generations. The setbacks are real, but so is the financial growth. Millennial wealth isn’t being handed out, it’s being earned.
Millennials Could Dominate Wealth in the U.S. Economy, But Are They Ready?
Millennials are positioned to hold more wealth than any generation in American history. Between massive inheritances, smart savings habits, and a wave of small business takeovers, the pieces are all in place. But opportunity alone doesn’t guarantee success.
The real question is: are they ready to manage, grow, and protect that wealth long term? This isn’t just about money, it’s about mindset, planning, and not blowing the biggest financial handoff in history.
18 Money Moves Gen X Mastered (That Millennials Still Struggle With)
Millennial Wealth Is Real and It’s Just Getting Started
The numbers don’t lie. Millennials aren’t waiting around, they’re earning, inheriting, buying, and saving their way into real wealth. This generation isn’t just catching up, they’re changing how wealth looks, feels, and gets built.
This is a moment to either build something lasting, or miss it completely. The tools are here, the timing is right, now it’s about what they choose to do with it.
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