Millennials Are Rapidly Getting Richer

The wealth of young Americans has grown rapidly after years of stagnation, thanks to the strong recovery of the U.S. economy.

Data compiled by the Center for American Progress (CAP) has found that Americans aged under 40 are outpacing other age groups when it comes to accumulated wealth, employment rates and wage growth following the coronavirus pandemic. In four years, the average wealth of households under this age has grown by almost 50 percent since 2019.

Compiling data from the Federal Reserve, CAP found that the average wealth of these households reached $259,000 in the fourth quarter of 2023, reflecting a 49 percent rise—or $85,000—up from $174,000 in the same period in 2019, even with inflation taken into account. Average wealth is measured using a household's assets, including bank accounts, stocks and real estate, minus its liabilities, such as outstanding student loans and mortgages.