Jump to content
  • Sign Up
×
×
  • Create New...

Boomers are the wealthiest generation that’s ever lived—and millennials are the ‘biggest losers’ thanks to economic crises


Recommended Posts

  • Diamond Member

This is the hidden content, please

Boomers are the wealthiest generation that’s ever lived—and millennials are the ‘biggest losers’ thanks to economic crises

Baby boomers are the wealthiest generation to have ever lived, a new report from

This is the hidden content, please
has found, courtesy of affordable housing and strong equity markets providing
This is the hidden content, please
.

Millennials, on the other hand,

This is the hidden content, please
in the wealth race, courtesy of “crisis after crisis,” the company’s 2024 Global Wealth Report reveals.

“A unique historical situation—strong economic growth,

This is the hidden content, please
, and booming equity markets—allowed [boomers] to build up a handsome fortune,” wrote the insurance and asset management giant in its report released Tuesday.

Meanwhile

This is the hidden content, please
during the likes of the 2008 financial crisis, the COVID pandemic, and a ******* of “really painful” inflation.

This has meant the returns they get on their squirreled-away funds have been significantly lower than those of previous generations, and the total nest egg they’ve saved during their lifetime is significantly less impressive.

In its report Allianz modeled a handful of hypothetical individuals across generations, tracking their savings returns—and corresponding wealth—throughout their respective economic cycles.

A U.S. boomer born in 1960, for example, with an annual savings rate of 10% over 40 years will have generated lifetime savings of more than 850% of their disposable income.

An ********* Gen Xer, meanwhile, who has saved at the same levels will now have a fortune worth 606% of their disposable income, with an annual return rate of 6.7%.

But even a gap of 200% between boomers and Gen X looks attractive compared with the deal millennials got.

Millennials born in 1984—who saved at the same rate as their parents’ generation—will see their total lifetime nest egg amount to just over 430% of their disposable income.

Of course, millennials still have a couple of decades to keep topping up their savings while they continue to work. Even then, Allianz suggests they will never accumulate the same levels of wealth as boomers themselves—netting 670% of their disposable income within their lifetime.

Gen Zers—the youngest generation entering the workforce—fare better than their millennial peers, but not as well as the oldest generation.

********* Gen Zers born in 2004 can expect their total savings to amount to 766% of their disposable income in 2063, surpassing both Gen X and millennials.

That being said, “even with the same savings behavior, no generation can match the wealth accumulation enjoyed by the baby boomers,” Allianz wrote.

New wealth dynamic

Boomers may be the wealthiest generation to have ever lived now, but there’s time yet for another group to take the mantle.

Story continues

Who that will be ******** up for debate, though.

Property broker Knight Frank is ******** on millennials,

This is the hidden content, please
those between 28 and 43 years old at present will be the “richest generation in history.”

Allianz believes this theory has potential, but said the wealth passed down may be less than expected: “The day will come when the baby boomers bequeath their wealth to their children and grandchildren.

“Projections indicate that, in the U.S. alone, more than $84 trillion in assets will be transferred to younger generations by 2045, with over $53 trillion of that wealth originating from baby boomer households. This sets the stage for millennials to potentially become the richest generation in history—albeit not solely through their own endeavors.”

Gen Zers are also in the running with a shot at exceeding millennials’ wealth, thanks to their own ventures and better economic conditions.

“Taking into account the end of the savings glut and the rising demand for capital to drive the green and digital transformations, Gen Z actually has a good chance to outperform all their predecessors—if they align their savings behavior to the new realities,” Allianz added.

This story was originally featured on

This is the hidden content, please



This is the hidden content, please

#Boomers #wealthiest #generation #livedand #millennials #biggest #losers #economic #crises

This is the hidden content, please

This is the hidden content, please

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Vote for the server

    To vote for this server you must login.

    Jim Carrey Flirting GIF

  • Recently Browsing   0 members

    • No registered users viewing this page.

Important Information

Privacy Notice: We utilize cookies to optimize your browsing experience and analyze website traffic. By consenting, you acknowledge and agree to our Cookie Policy, ensuring your privacy preferences are respected.