Millennials Experience Unprecedented Wealth Growth: Average Household Wealth Surges 49% in Four Years

Atlanta, Georgia United States of America
Millennials experienced a 49% increase in average household wealth since 2019.
The strong economic recovery following the coronavirus pandemic contributed to this growth.
Young Americans have seen employment rates, wage growth, and real estate wealth surge after the pandemic.
Millennials Experience Unprecedented Wealth Growth: Average Household Wealth Surges 49% in Four Years

In recent years, young Americans under the age of 40 have experienced a significant increase in wealth, with the average wealth of households in this age group rising by almost 50% since 2019. This rapid wealth growth can be attributed to the strong recovery of the U.S. economy following the coronavirus pandemic.

Data compiled by the Center for American Progress (CAP) has revealed that millennials are outpacing other age groups in terms of accumulated wealth, employment rates, and wage growth after the pandemic. In just four years, the average wealth of households under 40 has grown by nearly 50% since 2019.

Compiling data from the Federal Reserve, CAP found that the average wealth of these households reached $259,000 in Q4 of 2023, reflecting a 49% increase or $85,000 more than the $174,00 in 2Q of 23.

Some millennials have been able to take advantage of unique economic circumstances to significantly increase their wealth. For example, James Barnes and his wife were able to purchase a house outright after its value doubled during the pandemic. As of 2023, millennials held $7 trillion in real estate wealth, up from $3.5 trillion in 2019.

The student-loan payment pause and government stimulus measures have also helped some millennials double their investment savings and max out their retirement accounts. The average pre-tax household income for millennials increased from $79,514 in 2019 to $100,315 in 2022.

One example of this success is Khary, a millennial veteran who doubled his investment savings during the pandemic and is now on track for a comfortable retirement despite previously facing economic challenges. The sudden surge in wealth among millennials far surpasses the progress of previous generations who experienced a recession during their young adult years.

In summary, the rapid wealth growth among millennials can be attributed to the strong economic recovery following the coronavirus pandemic and unique economic circumstances that have allowed some to significantly increase their financial stability. This has led to increased home ownership, investment savings, and retirement planning for many young Americans.


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Confidence

85%

Doubts
  • It's unclear if the economic circumstances that allowed some millennials to significantly increase their wealth are representative of the entire age group.
  • The data from the Center for American Progress (CAP) was not independently verified.

Sources

92%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Meet the millennials who suddenly doubled their wealth in the last 4 years after an adulthood plagued by bad economic luck

Business Insider Juliana Kaplan Saturday, 11 May 2024 14:15
  • Unique Points
    • Some millennials have seen a significant increase in wealth due to unique economic circumstances in recent years.
    • James Barnes and his wife were able to buy a house outright after its value doubled during the pandemic.
    • As of 2023, millennials held $7 trillion in real estate wealth, up from $3.5 trillion in 2019.
    • The student-loan payment pause and government stimulus have helped some millennials double their investment savings and max out retirement accounts.
    • Millennials’ average pre-tax household income increased from $79,514 in 2019 to $100,315 in 2022.
    • Khary, a millennial veteran, doubled his investment savings during the pandemic and is now within sight of a comfortable retirement despite previously facing economic challenges.
    • Average millennial wealth doubled between 2019 and 2023
    • The most striking thing about millennials’ sudden surge in wealth: It dwarfs the progress of previous generations that experienced a recession during their young adult years.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (70%)
    The article contains selective reporting and emotional manipulation. The author focuses on the positive experiences of a few millennials who have seen their wealth double during the pandemic, while ignoring the fact that many millennials are still struggling financially. The author also uses emotional language to describe these fortunate individuals as 'suddenly surging ahead financially' and 'capturing the golden egg'.
    • Millennials holding debt had, on average, $40,614 as of 2023. The Biden administration has been chipping away at some of America’s student debt load, forgiving nearly $160 billion so far.
    • Amanda and her family have more than doubled their income since the start of the pandemic.
    • Some millennials are suddenly surging ahead financially.
    • Doubling wealth in just a few years
    • The Barneses discovered they were sitting on a gold mine – their house had doubled in value.
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (95%)
    The author expresses a clear bias towards millennials who have experienced financial success during the pandemic. She uses language that depicts these individuals as 'lucky few' and 'golden egg' holders, while implying that most millennials are still struggling financially. The author also makes assumptions about the economic circumstances of all millennials based on stereotypes, such as their supposed love for avocado toast and fancy coffee.
    • Doubling wealth in just a few years
      • Millennials holding debt had, on average, $40,614 as of 2023
        • Some millennials are suddenly surging ahead financially
          • The Barneses are part of a new millennial group that is suddenly doing very well financially
          • Site Conflicts Of Interest (100%)
            None Found At Time Of Publication
          • Author Conflicts Of Interest (100%)
            None Found At Time Of Publication

          94%

          The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
          (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

          A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

          Millennials Are Rapidly Getting Richer

          Newsweek LLC Aliss Higham Thursday, 09 May 2024 08:00
          • Unique Points
            • Young Americans’ wealth has grown rapidly since 2019, with an average increase of 49% to $259,000 for households under 40.
            • Millennials’ financial security and upward economic mobility have been boosted by this historically rapid wealth growth.
          • Accuracy
            No Contradictions at Time Of Publication
          • Deception (80%)
            The article makes several statements that could be considered misleading or selectively reported. While it is true that young Americans have seen significant wealth growth since the pandemic, the article fails to mention that this growth is largely due to rising home prices and stock markets. Additionally, while inflation-adjusted wealth for young households has grown rapidly, it still lags behind previous generations in terms of absolute wealth levels. The article also quotes market analyst Kevin Huffman expressing caution about the permanence of this wealth growth and the challenges millennials face in achieving long-term financial security. However, these cautions are not emphasized or explored further in the article, which could give readers a false sense of optimism about young Americans' economic prospects.
            • 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.
            • This historically rapid wealth growth for younger households provides an injection of financial security and upward economic mobility.
            • 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.
          • Fallacies (90%)
            The article contains some inflammatory rhetoric and appeals to authority without explicitly making false statements. It also uses a dichotomous depiction of millennials' financial situation. However, no formal logical fallacies were found in the author's original assertions.
            • . . . young Americans have grown rapidly after years of stagnation, thanks to the strong recovery of the U.S. economy.
            • In four years, the average wealth of households under this age has grown by almost 50 percent since 2019.
            • Such rapid inflation-adjusted wealth growth for young households has never occurred before in the wealth data, which go back to 1989.
          • Bias (100%)
            None Found At Time Of Publication
          • Site Conflicts Of Interest (100%)
            None Found At Time Of Publication
          • Author Conflicts Of Interest (100%)
            None Found At Time Of Publication

          98%

          The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
          (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

          A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

          Video By The Numbers: Millennials & Generation Z wealth

          ABC NEWS SITE NAMES Name: ABC News Site Names URL: https://abcnews.go.com/Politics/us-officially-blames-iran_106834435 ABC News Saturday, 11 May 2024 14:17
          • Unique Points
            • The article discusses the wealth accumulation and corporate advancement of people under 40.
          • Accuracy
            • ]The article discusses the wealth accumulation and corporate advancement of people under 40.[
            • Some millennials have seen a significant increase in wealth due to unique economic circumstances in recent years.
            • Young Americans’ wealth has grown rapidly since 2019, with an average increase of 49% to $259,000 for households under 40.
            • 75% of millennials expect their wealth to increase in 2024.
          • Deception (100%)
            None Found At Time Of Publication
          • Fallacies (100%)
            None Found At Time Of Publication
          • Bias (100%)
            None Found At Time Of Publication
          • Site Conflicts Of Interest (100%)
            None Found At Time Of Publication
          • Author Conflicts Of Interest (100%)
            None Found At Time Of Publication

          99%

          The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
          (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

          A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

          Get Wealthy Like a Millennial: 10 Tips For Saving Like the Richest Generation

          Nasdaq Saturday, 11 May 2024 14:17
          • Unique Points
            • Millennials prioritize paying down debt and retirement contributions
            • Millennials value experiences over possessions
            • 75% of millennials expect their wealth to increase in 2024
            • Millennials have been creative about saving money through various methods such as technology, deals and side hustles
          • Accuracy
            • Millennials are on track to becoming the richest generation in history due to generational wealth transfer
          • Deception (100%)
            None Found At Time Of Publication
          • Fallacies (100%)
            None Found At Time Of Publication
          • Bias (100%)
            None Found At Time Of Publication
          • Site Conflicts Of Interest (100%)
            None Found At Time Of Publication
          • Author Conflicts Of Interest (0%)
            None Found At Time Of Publication

          100%

          The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
          (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

          A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

          Millennials Are Rapidly Getting Richer

          AllSides News Friday, 10 May 2024 22:28
          • Unique Points
            • Young Americans under 40 have seen rapid wealth growth since the coronavirus pandemic.
            • The average wealth of households under 40 has grown by almost 50 percent since 2019.
            • Employment rates and wage growth have also improved for young Americans following the pandemic.
          • Accuracy
            No Contradictions at Time Of Publication
          • Deception (100%)
            None Found At Time Of Publication
          • Fallacies (100%)
            None Found At Time Of Publication
          • Bias (100%)
            None Found At Time Of Publication
          • Site Conflicts Of Interest (100%)
            None Found At Time Of Publication
          • Author Conflicts Of Interest (0%)
            None Found At Time Of Publication