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aby boomers now hold the lion’s share of U.S. wealth, with assets exceeding $85 trillion per Federal Reserve data. Though they represent less than 20 % of the population, they own more than half of the nation’s wealth. In contrast, Millennials and Gen Z together make up 42 % of the population but control only about 10 % of the country’s assets.
Senior economist Jake Krimmel of Realtor.com notes that older generations dominate the financial landscape while younger ones lag behind. He points out that in 1995 boomers already possessed roughly 30 % of national wealth and 40 % of real‑estate holdings, a pattern that has continued. “Boomers have been on top for their whole adult lives, leaving other generations behind and worse off,” he says.
Housing is a key driver. Realtor.com estimates that boomers own $18–19 trillion in U.S. real estate. Their advantage began when they could buy homes on modest salaries, lock in low mortgage rates, and then benefit from rising property values and falling interest rates. Krimmel credits decades of homeownership for their wealth, citing low, stable payments, forced savings, and equity growth as critical factors.
Despite owning over 40 % of housing assets, most boomers plan to stay put. Broker Aaron Buchbinder of Compass explains that the pandemic’s low mortgage rates and the desire to keep low property taxes keep older homeowners from selling. This “age‑in‑place” trend reduces supply, pushes prices higher, and raises the median age of first‑time buyers. Krimmel adds that boomers’ NIMBY attitudes over the years have also limited new construction, further tightening the market.
Stocks also favor boomers. NYU professor Edward Wolff’s NBER paper shows many boomers began investing before the 2000s boom, giving them a head start. Krimmel notes that lower housing and healthcare costs in the 1980s and 1990s allowed boomers to save and invest more than today’s younger workers. CPA and attorney Chad D. Cummings agrees: “They bought cheap, held forever, and rode 40 years of expansion that younger workers now have to buy into at peak prices.” Cummings, a millennial himself, laments that younger generations face high student debt, childcare costs, and health insurance premiums that erode the breathing room boomers enjoyed.
Other advantages include lower tuition and medical bills for boomers, and the prevalence of defined‑benefit pensions that guaranteed lifetime income—benefits largely absent for younger workers. Cummings argues that these factors make it unlikely younger generations will match boomers’ prosperity without a prolonged period of economic deflation.
The Great Wealth Transfer adds complexity. While many young people anticipate inheriting up to $90 trillion from boomers, a 2025 Schwab report shows that 45 % of boomers prefer to spend their wealth while alive, with only 34 % planning to preserve it for future generations. This shift could further limit the amount available for inheritance.
In sum, boomers’ wealth dominance stems from a combination of early homeownership, favorable economic conditions, and institutional benefits. Their reluctance to sell homes and support for restrictive housing policies exacerbate the housing shortage, pushing prices up and making entry harder for younger buyers. Meanwhile, younger generations face higher living costs, limited pension options, and a market that favors those who already hold significant assets. The gap appears poised to widen unless structural changes occur.
