Millennials are worth a lot more than they used to be — at least on paper. New data from the Federal Reserve shows millennial wealth has nearly quadrupled since 2019 despite people in the age group being known for reaching key milestones, like getting married or buying a house, later than their parents and grandparents did.
How much are millennials worth?
People born between 1981 and 1996 fall into the millennial category and the Federal Reserve said they’re now worth a combined total of $15.95 trillion.
As of 2024, the average net worth of individual millennials was $333,096 each, according to the financial services company Empower. Compared to other generations, Empower said millennials increased their wealth the most in 2024, up 13.7% compared to Americans’ overall 7.7%.
Millennials also increased their 401(k)s by 15.6% which is nearly double the average American’s increase.
Where’s all that money at?
So why is it that if you ask most millennials, they’ll say they don’t feel wealthy?
With inflation and interest rates keeping the cost of living high, it can be hard to feel wealthy even if they are on paper.
Experts call the phenomenon “phantom wealth” and said it feels that way because millennials’ money is mostly tied to assets that are not readily available, like 401(k)s, the stock market and mortgages.
