In the first quarter of 2024, 51.8 percent of the total wealth in the United States was owned by members of the baby boomer generation. In comparison, millennials own around 9.4 percent of total wealth in the U.S. In terms of population distribution, there is almost an equal share of millennials and baby boomers in the United States.

In 2023, the disposable income of a household led by a Millennial in the United States was 97,866 U.S. dollars per year. Households led by someone born in Generation X, however, had a disposable income of around 113,886 U.S. dollars in 2023.

Income quintiles are assigned based on equivalized household disposable income, which takes into account differences in household size and composition using a method proposed by the Organization for Economic Co-operation and Development (OECD). The OECD-modified" equivalence scale assigns a value of 1 to the first adult Age groups refer to the age group of the major income earner. Housing tenure of household Refers to the main source of income for the household, either from wages and salaries, self-employment income, net property income, current transfers received related to pension benefits, or from other current transfers received from non-pension related sources (others). Distributions by generation are defined as follows and are based on the birth year of the major income earner : pre-1946 for those born before 1946, baby boom for those born between 1946 and 1964, generation X for those born between 1965 and 1980 and millennials for those born after 1980. Note that generation Z has been combined with the millennial generation as their sample size is relatively small.

In the third quarter of 2024, 51.6 percent of the total wealth in the United States was owned by members of the baby boomer generation. In comparison, millennials owned around ten percent of total wealth in the U.S. In terms of population distribution, there is almost an equal share of millennials and baby boomers in the United States.

This table has been archived and replaced by table 36100664. Income quintiles are assigned based on the equalized household disposable income. This takes into account differences in household size and composition. The Oxford-modified equivalence scale is used; it assigns a value of 1 to the first adult, 0.5 to each additional person aged 14 and over, and 0.3 for all children under 14. The coefficients of variation from Statistics Canada's Survey of Financial Security for 2012 and 2016, which serve as indicators of the accuracy of these estimates for net worth and its components, are available in the appendix to Distributions of Household Economic Accounts, estimates of asset, liability and net worth distributions, 2010 to 2019, technical methodology and quality report for the March 2020 release. Age groups refer to the age group of the major income earner. This refers to the main source of income for the household, that is, wages and salaries, self-employment income, net property income, current transfers received related to pension benefits, or other current transfers received from non-pension related sources.
Self-employment income refers to mixed income related to non-farm and farm businesses. Household rental income is not included. Revenues from Current transfers received - pension benefits relate to current transfers received from corporations for employer's pension plans and current transfers received from government for the Canada and Québec pension plans (CPP/QPP) and the Old Age Security program including the Guaranteed Income Supplement (OAS/GIS). Revenues from Current transfers received - others, relate to all other current transfers received not included in Current transfers received - pensions benefits, that is, it includes current transfers from the government sector except for the Canada and Québec pension plans (CPP/QPP) and from the Old Age Security Program (OAS) and the Guaranteed Income Supplement (GIS). It also includes current transfers from Non-profit institutions serving households (NPISH) and from the non-residents sector. Owner/Renter refers to the housing tenure of a household. Households that have subsidized rents (partially or fully) are included under Renter. Distributions by generation are defined as follows and are based on the birth year of the major income earner: pre-1946 for those born before 1946, baby boom for those born between 1946 and 1964, generation X for those born between 1965 and 1980 and millennials for those born after 1980. Note that generation Z has been combined with the millennial generation as their sample size is relatively small. Life insurance and pensions include the value of all life insurance and employer pension plans, termination basis. Excludes public plans administered or sponsored by governments: Old Age Security (OAS) including the Guaranteed Income Supplement (GIS) and the Spouse's Allowance (SPA), as well as the Canada and Quebec Pension Plans (CPP/QPP). Other financial assets include total currency and deposits, Canadian short-term paper, Canadian bonds and debentures, foreign investments in paper and bonds, mortgages, equity and investment funds, and other receivables. Other non-financial assets include consumer durables, machinery and equipment, and intellectual property products. Excludes accumulation of value of collectibles including coins, stamps and art work. Other liabilities include major credit cards and retail store cards, gasoline station cards, etc., vehicle loans, lines of credit, student loans, other loans from financial institutions and other money owed. Owner's equity refers to the value of the interests of an owner or partial owner in an asset, in this case real estate, divided by household real estate, which includes the value of structures (residential and non-residential) and land owned by households. Distributions of Household Economic Accounts (DHEA) estimates are benchmarked to year-end estimates for liabilities and assets from the National Balance Sheet Accounts (NBSA, Table 36-10-0580-01), and for annual household disposable income from the Provincial-Territorial Economic Accounts (Table 36-10-0224-01). DHEA ratios for debt to disposable income, real estate as a share of disposable income, and net worth as a share of disposable income differ from those included in “Financial indicators of households and non-profit institutions serving households, national balance sheet accounts” (Table 38-10-0235-01) as the latter source adjusts disposable income for the change in pension entitlements. The measure of disposable income used for the DHEA ratios is more consistent with that shown in “Household sector credit market summary table, seasonally adjusted estimates” (Table 38-10-0238), which does not adjust disposable income for the change in pension entitlements.

This statistic shows the results of a survey conducted in Germany on the share of millennials among the population, broken down by their net income in 2021. That year, among millennials aged 26 to 31 years, 3.9 percent had no own income, while 7 percent earned less than 500 euros.

Wealth and its subcomponent distributions, dollar values and dollar value per household, by household characteristics such as income quintile, age, housing tenure and composition, Canada, annual 2010 to 2019 and quarterly starting 2020.

This statistic shows the motivation for high-net-worth and ultra-high-net-worth Americans to build wealth, as of 2018. The results are sorted by generation. During the survey, 86 percent of wealthy Millennials said their motivation to build wealth was to be able to help others through philanthropy; 77 percent of rich Generation X'ers said the same.

According to a study on high-net-worth (HNW) collectors worldwide, Millennials had the highest median expenditure on digital art in the first half of 2024. Overall, collectors from this generation reported a median spending of 8,230 U.S. dollars on such artworks. Meanwhile, Boomers recorded a median expenditure of 1,015 U.S. dollars on digital art during the same period.

Estate Planning Service Market Outlook

The global estate planning service market size was valued at approximately USD 15 billion in 2023 and is projected to reach USD 25 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.5%. This market's growth is driven by various factors, including the increasing awareness about the importance of estate planning, the rising number of high-net-worth individuals, and the evolving regulatory landscape.

One of the primary growth drivers for the estate planning service market is the increasing awareness among individuals and families about the importance of having a structured plan for their assets. With the rise in financial literacy, more people understand the benefits of having a will, trusts, and other estate planning tools to ensure their assets are distributed according to their wishes. This awareness is particularly growing among baby boomers and Gen X individuals who are now more inclined to secure their financial legacy for their heirs.

Moreover, the increasing number of high-net-worth individuals (HNWIs) globally is significantly contributing to the demand for estate planning services. HNWIs often have complex financial portfolios that require sophisticated estate planning strategies to minimize taxes, avoid probate, and protect their assets. As the global economy continues to grow, the number of HNWIs is expected to rise, further driving the demand for estate planning services.

In addition to the individual factors, the evolving regulatory landscape also plays a crucial role in the growth of the estate planning service market. Governments and regulatory bodies around the world are increasingly focusing on tax laws and regulations that impact estate planning. Changes in estate tax exemptions, gift taxes, and other related regulations necessitate the need for professional estate planning services to navigate these complexities and ensure compliance.

Regionally, North America dominates the estate planning service market due to the high concentration of wealth and a well-established financial advisory industry. However, significant growth is also expected in regions like Asia Pacific and Europe, driven by rising disposable incomes and increasing financial awareness. The demand for estate planning services in these regions is further fueled by the expansion of the middle class and the growing number of HNWIs.

Service Type Analysis

In the estate planning service market, the service type segment encompasses several key areas such as will drafting, trust setup, power of attorney, estate tax planning, and others. Will drafting remains one of the most fundamental services provided within this market. A well-drafted will is essential to ensure that an individual's assets are distributed according to their wishes after their demise. This service is highly sought after due to its critical role in preventing family disputes and ensuring the smooth transfer of assets.

Trust setup is another vital service type that has gained substantial importance. Trusts are legal arrangements that allow individuals to set aside assets for specific purposes or beneficiaries. They offer various benefits, including tax advantages, protection from creditors, and the ability to control the distribution of assets over time. With the growing complexity of financial portfolios, more individuals are opting to create trusts as part of their estate planning strategy.

Power of attorney services are essential for individuals who wish to appoint someone to make decisions on their behalf in the event of incapacity. This service is particularly important for elderly individuals or those with significant health concerns. By designating a power of attorney, individuals can ensure that their financial and medical decisions are handled by a trusted person, providing peace of mind and security for themselves and their families.

Estate tax planning services focus on minimizing the tax liabilities associated with transferring assets to heirs. This involves strategizing ways to reduce estate and gift taxes through various legal methods, such as gifting assets during one's lifetime or creating specific types of trusts. With many countries having complex tax laws, professional estate tax planning services are crucial for individuals looking to preserve their wealth for future generations.

Other services within this segment include life insurance planning, charitable giving strategies, and business succession planning. T

The high-end tourism market, encompassing luxury travel experiences such as customized vacations, adventure safaris, and exclusive cruises, is experiencing robust growth. Driven by increasing disposable incomes among high-net-worth individuals (HNWIs), particularly millennials and Gen X, a preference for unique and personalized travel experiences, and a desire for authentic cultural immersion, the market is projected to expand significantly. The segment's appeal extends across diverse demographics, with baby boomers also contributing substantially to its growth, seeking comfortable and enriching travel experiences. Factors like the rise of experiential travel, sustainable tourism initiatives, and increasing demand for private jet travel further fuel market expansion. While potential economic downturns could act as a constraint, the inherent resilience of the high-end tourism sector, catering to a clientele less susceptible to economic fluctuations, suggests continued strong growth. Competition among established luxury travel companies and boutique providers is fierce, with companies like TUI Group and Abercrombie & Kent vying for market share through innovation and exceptional service offerings. The geographic distribution of market share is varied, with North America and Europe dominating, but significant growth potential exists in regions like Asia-Pacific, fuelled by a rising middle class with increased purchasing power. Geographic diversification is a key strategy for players. North America and Europe currently hold the largest market share, but the Asia-Pacific region shows significant promise. The market is also segmented by type of travel, with customized and private vacations, adventure safaris, and cruises representing significant revenue streams. Successful companies continuously adapt their offerings to changing consumer preferences, incorporating sustainability, wellness, and personalized experiences, maintaining a premium position in the competitive landscape. The long-term forecast suggests consistent growth, indicating that this sector will remain a lucrative investment opportunity for businesses capable of providing exceptional value propositions to discerning travellers. Assuming a conservative CAGR of 8% based on the industry average and considering a 2025 market size of $250 billion (a reasonable estimate for the high-end segment), the market presents a substantial and expanding opportunity.

North America Luxury Goods Market size was valued at USD 85 Billion in 2023 and is projected to reach USD 120 Billion by 2031, growing at a CAGR of 4.2% from 2024 to 2031.

North America Luxury Goods Market: Definition/ Overview

Luxury goods are high-quality products that provide exclusivity, outstanding craftsmanship and a premium price. Fashion, jewelry, watches and high-end automobiles are commonly linked with wealthy consumers seeking prestige and distinctive experiences. Brands frequently use legacy, design and reputation to distinguish their offers from mass-market products.

Paintings, sculptures, and works on paper accounted for the highest share of works in collections of high net worth (HNW) art collectors worldwide in the first six months of 2022. According to a global survey, such works made up 51 percent of the art collected by HNW individuals from the baby boomer generation. Meanwhile, digital art linked to a non-fungible token (NFT) represented 10 percent of works owned by Gen X collectors.

The luxury travel market, valued at $22.84 billion in 2025, is experiencing robust growth, projected to expand at a compound annual growth rate (CAGR) of 8.0% from 2025 to 2033. Several factors fuel this expansion. The increasing affluence of millennials and Generation X, coupled with the enduring spending power of Baby Boomers, creates a substantial and diverse consumer base seeking unique and high-end travel experiences. A rising preference for personalized and private vacations, adventure tourism (including safaris and expeditions), and small group journeys caters to the desire for exclusivity and curated experiences. The market's segmentation also reflects this, with customized vacations, adventure travel, and cruises commanding significant shares. While economic downturns could potentially restrain growth, the inherent resilience of the luxury travel sector, driven by its appeal to high-net-worth individuals, suggests continued expansion. Furthermore, strategic partnerships between travel agencies and luxury brands further enhance the appeal and accessibility of these exclusive offerings, driving market growth. Geographic distribution reveals a strong presence across North America, Europe, and the Asia-Pacific region. North America, particularly the United States, likely holds the largest market share, followed by Europe, driven by strong demand from the UK, Germany, and France. The Asia-Pacific region, with its growing high-net-worth population, especially in China and India, presents a significant growth opportunity. Companies such as TUI Group, Thomas Cook Group, and Abercrombie & Kent Ltd. are key players, leveraging their established networks and brands to cater to the discerning luxury traveler. The market's future hinges on innovation, customization, and a continued focus on providing unforgettable, personalized experiences that cater to the evolving desires of affluent travelers. Sustainable and responsible tourism practices will also play a crucial role in shaping the future landscape of this dynamic market.

A July 2021 report examined the amount of money spent by high net worth (HNW) art collectors on art and antiques worldwide between 2019 and the first half of 2021. The results of the study, which identified collectors' median expenditure according to the generation they were born in, showed an increase in spending by 207 thousand U.S. dollars and 62 thousand U.S. dollars among Millennials and Boomers, respectively. While the median expenditure of art collectors from both of these generations more than doubled in the first half of 2021 compared to 2019, the median spending of Gen X art collectors dropped by 10 thousand U.S. dollars during the same timeframe.

Just like any other country in the world, Germany has its share of millennials. Broken down by gender, 51.3 percent of German millennials were male and 48.7 percent were female. The total age range is set from 26 to 40 years.

Marital status and children

The majority of millennials across the aforementioned age span, namely 46 percent, were single, while almost 51 percent were married. Some millennials were also divorced or even widowed. The highest share of millennials had no children aged under 14 and only a very small share had three or more children under that age. In fact, 24 percent of German millennials was living in a one-person household.

Occupation and income

The largest share of millennials was employed in a company full-time. Meanwhile, most had a net income of 2,000 to 2,500 euros. Higher salaries were increasingly rare.