Baby Boomers Now Control Nearly a Third of US Wealth, Widening the Gap with Gen Z and Millennials

(SeaPRwire) –   While many older Americans are swapping their work grind for retirement, this shift hasn’t slowed their ability to grow wealth.

Baby boomers currently hold an all-time high share of U.S. wealth, according to Apollo Chief Economist Torsten Slok, who referenced Federal Reserve data in a December blog post. Back in 1989, Americans over 70 owned 19% of household sector wealth; today, that figure stands at 31%.

This portion of wealth is disproportionately large relative to other generations. Per Fed statistics, baby boomers—who account for around 20% of the U.S. population—possess over $85 trillion in assets. In contrast, millennials, who represent a similar share of the population, hold only about $18 trillion, which is roughly one-fifth of the boomers’ total.

The financial prosperity of older Americans stands in particularly sharp contrast to Gen Z, a generation deeply doubtful about their economic future. Gen Zers feel excluded from entry-level roles due to AI’s growth, and many are falling into credit card debt while grappling with student loan repayments. Even though they make up the same share of the population as boomers and millennials, Gen Z held just $6 trillion in wealth as of 2024.

“The baby boomer generation has truly gobbled up a massive share of household wealth, leaving far less for other age groups,” Edward Wolff, an economics professor at New York University, told .

How did baby boomers benefit from favorable economic timing?

America’s 70-somethings were raised by parents who came of age during the Great Depression, learning the value of frugality and saving money through hard experience. However, the baby boomer generation owes much of their financial stability to a confluence of favorable circumstances during their early adulthood.

When many boomers entered the housing market in the 1970s, inflation spiked—turning home purchases into an attractive investment. As home values skyrocketed in subsequent decades, the generation’s equity grew right along with them. Stock ownership has also bolstered boomers’ wealth: per an early 2025 Motley Fool analysis of Fed data, they hold 54% of stocks valued at over $25 trillion, while millennials own about 8% (worth $3.9 trillion).

Yet Gen Z, even as some follow boomers’ lead in stock market investing, hasn’t had the same good fortune in the housing market. Since the 2008 recession, housing supply has been tight—a problem worsened by sky-high mortgage rates that discouraged home sales and pushed prices to exorbitant levels.

As a result, 2025 saw a 21% decline in the share of first-time homebuyers, and the average age of these buyers hit a record 40, per November 2025 data from the National Association of Realtors—meaning Gen Z will have to wait longer to get their first home keys. A March 2025 Redfin report revealed that only 33% of 27-year-olds currently own homes, compared to 40% of boomers who owned homes at the same age.

“They haven’t been able to benefit from the same level of home price appreciation as baby boomers,” Wolff stated.

It’s important to note that not all boomers have enjoyed skyrocketing passive wealth in their later years. A growing number of older Americans have “unretired,” part of a trend in the aging workforce where the number of workers aged 65 and over has quadrupled since the 1980s. Many of these individuals work to keep saving or access employer-sponsored health insurance, while others stay on the job simply because their white-collar roles are less strenuous and they’re living longer.

What’s the silver lining for Gen Z?

Gen Z may be confronting economic challenges that define their generation, but there’s still hope for them. 2024 Pew Research Center data suggests Gen Z might actually be in better financial standing than young people from previous generations: In 2023, Zoomers earned a median inflation-adjusted salary of around $20,000, compared to $15,000 for 18-24-year-olds in 1993. Another positive sign for would-be homebuyers is that income growth is finally outpacing home price growth. A 2025 Bank of America report forecasts that by 2035, Gen Z will be the wealthiest generation, holding $74 trillion in assets, and their share of the population is expected to rise to 30% over the next decade.

However, a key factor in Gen Z’s relatively small share of wealth is simply that they haven’t had as much time to build it up, Michael Walden—professor emeritus of economics at North Carolina State University—told .

“It’s logically consistent that older individuals hold larger shares of wealth at any given moment—they’ve had more years to invest and collect the returns from those investments,” Walden explained.

In addition to having more time ahead, Gen Z will also benefit indirectly from the investments of their parents and grandparents as they wait for the Great Wealth Transfer—an event that’s estimated to pass $124 trillion in inheritances to younger generations. Per the UBS Billionaire Ambitions Report, 91 heirs inherited a record $297.8 billion last year, a 36% jump from the previous year.

Walden noted that the Great Wealth Transfer is on the horizon, but Gen Z and millennials shouldn’t depend on a loved one’s passing to start seriously building their own wealth.

“It’s difficult to predict when that transfer will happen, so I’d tell any young person I speak with: have a plan and stick to it consistently,” he advised.

A version of this story was published on .com on Dec. 8, 2025.

More on wealth building across generations:

• While baby boomers are being forced to ‘unretire’ due to insufficient savings, 6-year-olds in Germany are receiving retirement accounts
• Market veteran Ed Yardeni says to set aside the idea of a K-shaped economy; instead, it’s boomers hoarding wealth while Gen Z fights to build theirs
• Gen Z might not be able to afford a home or cover living costs now—but wait 10 years. They’re poised to accumulate $36 trillion and become the wealthiest generation
• The $124 trillion Great Wealth Transfer is gaining momentum as inheritances hit a new record, including one 19-year-old who’s reaping the benefits