“A new report from the Center for American Progress, a left-leaning think tank, looked at how wealth changed for different age cohorts from 2019 to 2023 by analyzing data from the Federal Reserve’s Distributional Financial Accounts.
The analysis found good news for the much-beleaguered millennial generation: Their wealth grew at a historic clip.
Per CAP’s analysis, from the end of 2019 to the end of 2023, the average wealth of households under 40 grew by 49% — a $85,000 increase, to $259,000 from $174,000. The analysis said that rate of rapid wealth growth had never happened before in the data series’ history, and it came after wealth growth remained relatively stagnant for young Americans prepandemic.
Here’s the whopper: Wealth gains were even higher for just millennials, who were 23 to 38 in 2019; their wealth doubled from the end of 2019 to 2023.”
From MSN.