Here's How Much the Average Millennial Is Worth (2024)

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Here's How Much the Average Millennial Is Worth? ›

However, despite this growth, their net worth still trails behind that of older generations. The average net worth of a millennial surpasses only that of Gen Z. On average, millennials under 35 years old have a net worth of $76,000, while those over 35 have over $400,000.

The average millennial's net worth grew from $64,000 to $111,000 between the first quarter of 2020 and 2022. But inflation and other factors caused their net worth to dip last year. Two factors could shape the future of millennial wealth, experts told Insider.

Our survey found that the majority of Gen Zers (54%) and Millennials (52%) have less than $5,000 saved, compared to 42% of Gen X respondents and 29% of Baby Boomers. Unsurprisingly, the oldest generation—Baby Boomers—have amassed the most impressive savings balances.

When Millennials Make the 1% Mark — For Their Age Group. Consider that millennials are toward the younger end of earners, which plays a role in where they fall on the net worth continuum. “They hit the top 25% at around $50,000 and the top 1% at about $175,000,” Jennings said.

The old adage is “Just a little bit more than I currently have.” For millennials, however, make that 480% more. In a 2023 study by financial services company Empower, millennials reported needing to earn $525,000 a year to be happy.

By the time you're 25, you probably have accrued at least a few years in the workforce, so you may be starting to think seriously about saving money. But saving might still be a challenge if you're earning an entry-level salary or you have significant student loan debt. By age 25, you should have saved about $20,000.

Millennials stand to become the richest generation in history, after $90 trillion wealth transfer | CNN Business.

More specifically, the analysis finds that 66 percent of working Millennials have nothing saved for retirement, and the situation is far worse for working Millennial Latinos. Some 83 percent of Latinos in this generation have nothing saved for retirement.

Can I retire at 55 with £300k? On average for a comfortable retirement, an individual will spend £43,100 a year, whilst the average couple in retirement spends £59,000 a year. This means if you retire at 55 with £300k, an individual will run out of funds in approximately 7 years, and a couple in 5 years.

By generation, both Gen Z and Millennials expect to need more than $1.6 million to retire comfortably. High-net-worth individuals – people with more than $1 million in investable assets – say they'll need nearly $4 million.

Are there 2 types of millennials? ›

A Tale of Two Millennials

Like Boomers, Millennials are a huge generation that we sometimes split into two subgroups: Early Millennials (born 1980-1987) and Recessionists (born 1988-1995). The fairly obvious element that divides these two groups is life stage.

Millennials embody a set of evolving values and aspirations that greatly influence their choices and behaviors. This generation highly values authority, achievement, and influence, demonstrating a strong desire for control, success, and recognition.

Millennials were born between 1981 and 1996 while members of the Gen Z years Gen Z years were born between 1997 and 2012. Millennials expect faster customer service. Gen Z tends to be better at accepting delayed gratification than millennials. Millennial customer service expectations are higher than Gen Z customers.

In 2022, around 4.8 million people between 25 to 34 years old whose annual income was 100,000 U.S. dollars or more obtained that income through wages and salary.

Close to half of respondents report feeling hopeless about their financial situation. Many factors are at play, including income, debt, dwindling savings, and poor financial choices. Close to 75% of millennial women and 70% of all those surveyed say they struggle to make ends meet with their current salary.

To that point, 68%, of millennials and Gen Zers have received or expect to receive an inheritance of nearly $320,000, on average, USA Today Blueprint found. Additionally, 52% of millennials think they'll get even more — at least $350,000 — according to a separate survey by Alliant Credit Union.

For reference, the median of millennial net worth is $135,600. The true geometric average of millennial net worth is actually $549,600 - but that number is heavily skewed by outliers like Mark Zuckerberg. So, what that means is, if you want to be "better" than average, the 50% mark is $135,600 overall.

U.S. wealth distribution 1990-2023, by generation

In comparison, millennials own around 9.2 percent of total wealth in the U.S. In terms of population distribution, there is almost an equal share of millennials and baby boomers in the United States.