According to Allianz's 2024 Wealth Report, substantial economic growth, affordable housing, and robust equity markets have allowed baby boomers to amass significant wealth, unlike millennials who have faced repeated crises.
Millennials are described as the "biggest loser" in the wealth race, affected by economic downturns and lower returns on savings compared to previous generations, which impacted their financial status.
The report shows that a U.S. baby boomer born in 1960, saving 10% annually, could accumulate over 850% of their disposable income in lifetime savings, a significant contrast to millennials.
Millennials' financial struggles are evident; a millennial born in 1984 saving similarly to boomers would only see a lifetime total of just over 430% of disposable income, illustrating a growing wealth disparity.
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