What are you talking about? It's something you can say. The definition of generations also raises questions. I don't really like the term OO Generation either. Comparing millennials, Generation Z, and the X Generation (born roughly between 1965 and 1980) before that is, in a way, a characteristic of the times. The value of money, social/technological opportunities, etc. have changed since then. According to recent statistics based on tax payments and financial transaction records in the United States, there is a significant difference between millennials of the same age and the X Generation.
The Richest Millennials
According to statistics, as of the third quarter of 2023 , the average wealth of the median age of 35, the millennial generation, is $183,000, which is higher than the X generation ($134,000) and the baby boomer generation ($107,000) of the same age. This suggests that the millennial generation is accumulating more wealth than previous generations. (This is about 250 million won, which is roughly the same as the image below.)
For reference, the US defines millennials as “born after 1981.” Now that the oldest members of Gen Z are turning 26, they’re starting to become adults and accumulate wealth. So the new data shows a mix of millennial and Gen Z wealth. When we take that into account and use a new denominator that includes both millennials and Gen Zers 18 and older, their wealth is higher than previous generations.
When I look at statistics, I think of the trap of statistics, like Michael Jordan and other departments having the highest salaries. This is also true among young people in America. They feel like they are being swindled even though they are not that rich.
In Korea, if you study history, you become a chaebol. ?????
The United States is the world's largest economy, with a GDP of $22.7 trillion, dwarfing the economies of major European countries. But despite this enormous wealth, Americans feel that they do not feel this wealth in their daily lives. American economic experts analyze the reasons for this phenomenon as follows:
The state of American cities: Most American cities are unattractive, and the beautiful and livable cities have very high living costs. Compared to medium-sized European cities, American cities can seem to lack vitality.
In fact, the great cities we know, like Seattle, San Jose, New York, and Boston, are vibrant cities, but in fact, if you just drive an hour or so, you will find many cities that are quieter than you might think.
This is the same in Korea. The US has such a huge land area that it's just less noticeable.
High labor costs: The United States has very high costs for domestic help and skilled workers due to high wages. This makes it difficult for even the average household to hire labor, and increases the cost of routine services.
It's a similar concept to the memes that have recently become popular on TikTok, YouTube Shortform, and Instagram Reels, where you can make money just by going outside. The rise in the minimum wage and the explosive increase in wages naturally lead to a gap in the wage market.
Diderot Effect: Americans have a tendency to constantly upgrade their consumption. Each new purchase triggers another, creating a never-ending cycle of consumption.
In fact, in Korea, various indicators are released every year under the concept of a wealth report from banks. Every time, social media points out the gap between the statistics and reality. In fact, as such wealth reports and various bank information are easily connected through MyData, such asset comparisons have become easier, starting with Toss and Kakao, so people feel a sense of relative deprivation.
This meme is representative.
Of course, there are irregulars. For example, even if they are in their 30s or 20s, if they are combined with people with extraordinary assets such as the third generation of conglomerates or celebrities, the average value is bound to be polluted. Even if you take the median, I don't know if it is accurate. However, conversely, there are many cases among people in their 30s or 20s who are struggling with card loans, overdraft accounts, and loans, so I personally think it is difficult to dismiss the statistics as being wrong because of irregulars.
So what should I worry about?
There is a lot of money in society, but if it is not for me, the solution is surprisingly simple. Find out who took it, reduce spending, and find out where it comes from and increase income. It is a cliche and obvious story. After all, neither the Bank of Korea nor the US Federal Reserve will print money infinitely. In the end, the question is who will get the most money in the market. Whether to use it for labor, business, investment, or other means, the choice is yours.
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