Wealth by generation: Which age group is the most financially successful?

Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.There’s a reason financial success is such a universal aspiration. Being financially successful gives you freedom, security, and options.But depending on which generation you belong to, you may have different views about what, exactly, constitutes financial success. You’ve also faced unique circumstances that have helped or hindered your ability to build wealth.Let’s take a closer look at how different generations define financial success, how wealth is distributed between those generations, and how each generation’s retirement savings stack up.While the idea of financial success may seem straightforward, each generation defines it differently.A 2024 survey from Axios asked participants what minimum annual salary they thought represented financial success. Overall, respondents measured financial success at a minimum salary of $270,200 — but responses ranged widely by generation:Boomers, or those born from 1946 to 1964, report needing a salary of $99,900 to be financially successful. Meanwhile, Gen Z quantifies financial success as earning $587,800 annually, which is nearly six times higher.Interestingly, the report also found that 71% of Gen Z respondents feel optimistic about achieving financial success — more than any other generation.Read more: This is the minimum amount of savings you need to improve your financial well-beingAs the data above show, members of Gen Z apparently need high-earning careers in order to feel financially successful. But as the youngest generation surveyed by Axios, they’ve had the least amount of time to earn money and build wealth. This is apparent when you look at wealth distribution in the U.S. by generation.Data from the Federal Reserve show that, as ofthe third quarter of 2025, the majority of wealth in the U.S. belongs to boomers. Meanwhile, millennials and Gen Z hold only 12% of the country’s wealth.Note: Unlike the Axios survey, the Fed includes data from the Silent Generation and earlier generations and lumps millennials and Gen Z into one category. As mentioned earlier, the older you are, the longer you have to save money, accumulate assets, and let them grow. Boomers have time on their side, but they also had several advantages working in their favor.Real estate is one of those advantages: In 1970, when the oldest boomers were in their early 20s, the median home price was $23,600 — less than $200,000 in today’s dollars. Things are dramatically different for today’s young home buyers, as the median home price is nearly $425,000.A lengthy bull market run, more affordable education, and the prevalence of pensions are just a few other contributors to boomers’ aggregate wealth.Read more: Most millionaires don't consider themselves wealthy. So what does it really mean to be rich?Meanwhile, members of the Silent Generation are, at a minimum, 81 years old. They built wealth but didn’t have the same economic advantages as the younger boomer generation. For instance, stock market participation dramatically grew near the end of the 20th century, benefiting younger investors who took part. By this point, members of the Silent Generation were already starting to retire.As for the younger generations, millennials and Gen Z have faced challenges their parents never did. For example, the rising costs of education and housing have led to more debt and delayed homeownership for this demographic.Read more: 6 Gen Z savings strategies that can work for anyoneThough they’re facing unique challenges, Gen Z and millennials are working on closing the gap between themselves and other generations. They’re doing so by saving earlier and participating more in workplace retirement plans compared to younger generations.A survey from the Nationwide Retirement Institute produced the following findings on the topic:On average, members of Gen Z start contributing to their workplace retirement plan at age 23. Millennials started at 28, Gen Xers at 34, and boomers at 40.Nearly half of millennials and Gen Z feel confident about their accumulated savings compared to a third of Gen Xers and a quarter of boomers.More than 8 in 10 Gen Xers and boomers regret not saving earlier.1 in 5 Gen Xers and boomers don’t feel on track for retirement.While the Nationwide survey doesn’t provide data on retirement balances, recent data from Empower breaks down the median 401(k) balance by age. The following data shows that those in their 50s have the highest balances, followed by those in their 60s:The Federal Reserve also provides more holistic retirement savings data, but only up to 2022.Read more: Average savings by generation: How do boomers, Gen X, millennials, and Gen Z compare?Every generation has faced unique economic conditions and challenges that play a major role in financial success. And external factors also affect each generations’ perspective of what it means to be financially successful.On paper, baby boomers are currently the wealthiest generation, but younger generations are building healthy financial habits. In truth, financial success might mean more than your net worth — because it depends on how you define it.Why do boomers hold the majority of wealth? How do different generations define financial success? What retirement savings advantages do younger generations have? How have economic conditions affected generational wealth building? Americans are waiting longer to buy homes, with older generations boasting the highest homeownership rates. Here's a closer look at homeownership by generation.Each generation faces its own challenges when it comes to saving money. Here’s how much each generation saved last year and how much they have in their savings accounts, on average.The 2025 State of Savings Report reveals Americans' biggest barriers to saving in 2024 and how they feel about their finances heading into 2025The 2025 My Money survey reveals insights into Americans' financial health and knowledge around key personal finance concepts. See the full survey results.The average net worth among Americans changes over time. So where do you stand compared to your peers? Here’s a look at average net worth by age.Knowing how much your peers have saved for retirement can help you determine if you’re on track with your savings. Take a closer look at average retirement savings by age.