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  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
Upside of Inequality Oxford Unintended Consequences

AI Summary. Median net worth of households headed by someone under 35 rose about 4% — roughly $650, from $16,872 to $17,520 in 2020 dollars — over the roughly two decades separating millennials from Gen X and baby boomers at the same life stage.

Scott Winship American Enterprise Institute
Date Posted:
Is Database:
Database

Millennials median net worth is up $650 relative to previous generations at the same point during lifecycle.

Have young households gained wealth versus earlier generations at the same age?

Core argument: Median net worth of U.S. households headed by someone under 35 rose from $16,872 in 1992 to $17,520 in 2013, a gain of $650, or 4% in 2020 dollars.

Millennials have experienced a modest increase in median net worth compared to previous generations at the same life stage, with a rise of $650. Specifically, the median net worth of households headed by individuals under 35 increased from $16,872 in 1992 to $17,520 in 2013, marking a 4% growth when adjusted for 2020 dollars. This comparison highlights how millennials, born between 1979 and 1995, have fared relative to Gen X and baby boomers, who were born between 1958 and 1974. The data suggests that despite challenges such as student loan debt, millennials have managed to slightly improve their financial standing compared to their predecessors. This trend provides insights into generational wealth dynamics and the economic resilience of younger cohorts amidst evolving financial landscapes.

Takeaways by Macro Roundup® AI

  1. Median net worth of U.S. households headed by someone under 35 rose from $16,872 in 1992 to $17,520 in 2013, a gain of $650, or 4% in 2020 dollars.
  2. Millennials, born 1979–1995, hold modestly higher median net worth at the same life stage than Gen X and baby boomers, born 1958–1974.

The kids are coming up from behind. Scott Winship looks at generation wealth and estimates that millennials median net worth was up $650 relative to previous generations at the same point during their life cycle, "... median net worth (less student loan debt) of households headed by someone under age 35 actually rose slightly from $16,872 in 1992 to $17,520 in 2013 (all in 2020 dollars )—an increase of 4%.Adults between the ages of 18 and 34 in 1992 were born between 1958 and 1974, while those in the same age range in 2013 were born between 1979 and 1995, so this comparison also is convenient for assessing how millennials have fared relative to Gen X and baby boomers..."

Scott Winship, "Our older versus our younger selves: Time travel, wealth, and family formation," American Enterprise Institute, September 30, 2021, https://www.aei.org/articles/our-older-versus-our-younger-selves-time-travel-wealth-and-family-formation/

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