You may have seen the viral tweet suggesting that boomers own all the wealth and millennials are poor. It’s hard for me to get worked up. Talk about a problem that will solve itself!
The problem that the graph suggests, however, is not even correct. Why are we looking at generational wealth shares when we could be looking at the much more straightforward statistic, wealth per capita. Jeremy Horpedahl does just that:
Looking at the exact same data (from the Fed Distributional Financial Accounts) from a different perspective gives us a much different picture of recent history. In this version, Gen X is now richer (30% richer!) than Boomers were at the same age (late 40s). Millennials don’t yet have a year of overlap with Boomers, but they are tracking Gen X almost exactly. There is no reason they won’t continue to track Gen X, and therefore exceed Boomers as well when they are in their late 40s (which will happen in about 2037 for Millennials).
In other words, people in the current generation have as much or more wealth than people of previous generations did at the same age.
Read the whole thing if you want some additional astute points about student debt and politics but I call this one busted. The kids are doing alright.