Today's millennial generation is wealthier than Generation X.
Haebom
What are you talking about? It's actually a fair point. Even defining generations brings up some question marks. I don't really like the whole 'OO Generation' label either. Comparing millennials, Gen Z, and those who came before—like Gen X (roughly born between 1965 and 1980)—you could say that's just a sign of the times. After all, the value of money, social and technological opportunities, and more have changed so much since then. Based on recent US statistics that use tax payments and financial transaction records, they're seeing a significant difference between millennials and Gen X at the same age.
The Wealthiest Millennials
According to statistics, as of the third quarter of 2023, the median wealth of 35-year-old millennials is $183,000, which is higher than that of Gen X ($134,000) and baby boomers ($107,000) at the same age. This shows that millennials are accumulating more wealth than previous generations. (That comes out to about 250 million won, so the image below matches up with this.)
Just for reference, the US defines millennials as those 'born after 1981.' Now, as the oldest members of Gen Z are turning 26, they're becoming adults and starting to accumulate wealth too. So, in the latest data, the wealth of millennials and Gen Z are mixed. If you take this into account and use a new denominator including millennials plus Gen Zers aged 18 and up, their total wealth shows up as higher than previous generations.
It's so unfair!
Looking at the stats, I'm reminded of those misleading statistics, like how having Michael Jordan in a major would make a department's average salary skyrocket. It's the same for young people in the US—most aren't that wealthy, but it feels like the numbers are exaggerating things.
한국에서는 역사를 공부하면 재벌이 됩니다. ?????
The US is the world's largest economy, with a GDP of $22.7 trillion that completely overshadows most major European economies. But despite all this massive wealth, Americans don't actually feel rich in their daily lives. Here's what economic experts say are the main reasons for that:
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Status of American cities: Most American cities aren't all that attractive, and those that are beautiful and great to live in come with sky-high living costs. Compared to small and mid-sized cities in Europe, American cities often seem to lack vibrancy.
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Sure, big-name cities like Seattle, San Jose, New York, or Boston are vibrant—but honestly, after just an hour's drive, you'll hit quieter towns than you'd expect.
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Korea's similar here. The US is just so insanely big that it doesn't stand out as much.
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High labor costs: Due to high wages, hiring domestic help or skilled workers in the US is especially expensive. Even regular families find hiring help a burden, and the cost of everyday services keeps rising as a result.
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It's kind of like those popular memes on TikTok, YouTube Shorts, or Instagram Reels these days, about how you spend money just walking out the door. With minimum wages and salaries rising so much, the pay gap in the job market just keeps growing.
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Diderot Effect: Americans tend to constantly upgrade what they buy. Every new purchase sparks another, and before you know it, you're stuck in this endless consumption cycle.
Korea's pretty much the same..
Actually, every year in Korea, banks put out these so-called wealth reports with all sorts of indicators. Each time, people on social media call out how much the stats differ from reality. With all this data now easily linked through things like MyData—and apps like Toss and Kakao making asset comparison easier—people end up feeling even more left behind.
이런 짤방이 대표적이죠.
Of course, there are outliers. Take people in their 30s or 20s: if you factor in those with massive inherited wealth—chaebols' grandkids, celebrities, etc.—the average naturally gets skewed. Even calculating the median may not be that accurate. But on the other hand, plenty of people in their 20s and 30s are struggling with things like card loans, overdrafts, and debt, so personally, I think it's hard to just say those stats are wrong because of the outliers.
So what should we really be thinking about?
There's a ton of money circulating in society, but if it's not reaching you, the answer is actually pretty straightforward. Figure out who's getting it, cut down on spending, and look for ways to boost your income—it's that cliché advice we always hear. Neither the Bank of Korea nor the Fed is going to print endless piles of cash, so it really just comes down to who can grab the most out of what's already out there. Whether you earn it through work, business, investment, or something else, that's for you to decide.
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I post articles related to IT 💻, economy 💰, and humanities 🎭.
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haebom@kakao.com
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I post articles related to IT 💻, economy 💰, and humanities 🎭.
If you are curious about my thoughts, perspectives or interests, please subscribe.
haebom@kakao.com
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기사 요약과 함께 통찰이 담긴 글 잘 읽고 갑니다! 😆
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