Collectively, millennials are now worth about $15.95t, up from $3.94t five years earlier, according to Federal Reserve data. Still, very few millennials would consider themselves wealthy. The disconnect between being rich on paper and feeling well off has been referred to as “phantom wealth.”
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Net worth of millennials has quadrupled: Why some call it ‘phantom wealth’
“Younger families in the U.S. made remarkable gains,” according to an analysis of 2022 data by the St. Louis Federal Reserve.
