Baby boomers own pretty much everything - but millennials could be about to catch up
The stark difference in assets held by each generation isn't that surprising when you consider how much of a headstart baby boomers have had in progressing through their career and building up their wealth over time.
And that same advantage baby boomers have had—time—is about to be bestowed upon millennials as they enter the prime years for their careers and earnings growth. Whereas the youngest millennials are only 27 years old, the youngest baby boomer is about 60 years old. That three decade age gap highlights the dynamic that as millennials start to make more money at work,Tom Lee is so bullish on the stock market in the long-term.
"Millennials are significant for two reasons: First, they are the largest single population ever at a population of 2.5 billion globally. Second, at an average age of 32.4, they are just entering their prime income years," Lee said in a presentation to clients late last month.Lee estimates that within the next two to three years, millennials will outpace baby boomers in the total share of disposable income, and by 2029, they will outpace Generation X.
That should represent another tailwind for millennials as they look to catch up with older generations and build up their wealth.
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