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Gen X Makes Up the Largest Share of Affluent Population

By | 09.24.15

Gen X Makes Up the Largest Share of Affluent Population

According to Ipsos’ latest annual study of American affluents, Generation X (Gen X) has surpassed Baby Boomers for the first time in history. The study was based on a survey of 15,267 US adults with an annual income of at least $100k. Thirty-seven percent of Gen Xers fit in the “affluent” category with Baby Boomers slightly trailing behind at thirty-two percent.

One area where Baby Boomers leave Gen X and Millennials in the dust is in median household net worth. Boomers reported a median household net worth of $913k while Gen Xers reported $552k. Millennials (respondents aged 18-33) were not far behind Gen X reporting a net worth of $516k. The smallest group, Seniors, reported a net worth of $1.42 million.

Other key findings from the study include:

  • 23 percent of American households qualify as being affluent
  • The largest expenditures for affluents are automotive, home and garden, personal insurance, travel, education, and electronics
  • Millennial affluents spend more time on social media vs. other generations
  • Gen Xers share traits from both Millennials and Boomers with younger Gen Xers saying they identify more with Millennials
  • Facebook and YouTube are the most popular social media platforms amongst affluents but Millennial affluents prefer Instagram and Snapchat

Reference:

Marketingcharts Staff. “Gen X Now Reportedly the Largest Generation of Affluents”. 9/22/2015. Marketingcharts.com.

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