Millennials own less than five percent of the entire country’s total wealth, which is mostly controlled by the Baby Boomer generation, according to the latest data from the Federal Reserve.

Baby Boomers own 53.2% of the country’s wealth, Generation X controls 25.5%, followed by the Silent Generation with 16.8%, and then Millennials with 4.6%. Data from the U.S. Census Bureau shows that Millennials make up 35% of the U.S. workforce, the most of any generation, according to the Pew Research Center.

The Fed data also shows that in 1989, when the baby boomer generation was about the same age as the millennial generation, they controlled about 21% of the country’s wealth, reflecting several recent reports that show millennials are in a worse financial position than their parents or grandparents were at that same point in their lives, according to CNBC.

“And the coronavirus pandemic is exacerbating the inequality,” the network notes. “While every corner of the economy has been impacted, job losses have been particularly heavy on low-wage workers in industries like retail, education and hospitality. Millennial workers — as well as women and minorities — make up a disproportionate share of these workforces.” 

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