A recent KPMG analysis reveals a significant shift in property ownership among Australian generations. Although Baby Boomers are still the wealthiest generation, they no longer hold the most valuable property, with Generation X surpassing them. This change is attributed to Baby Boomers selling their properties as they retire and passing wealth to their children. Generation X, on average, holds $1.31 million in housing wealth, while Baby Boomers follow closely with $1.30 million. In contrast, Millennials possess about $750,000, and Gen Z has the lowest average, at just $69,000.
The report also highlights similar trends in share ownership, where Generation X and Baby Boomers hold $256,000 and $206,000 respectively, compared to Millennials and Gen Z, who currently have $51,000 and $7,000 respectively. Furthermore, Baby Boomers lead in cash and deposits, with an average of $242,000, contributing to their total net wealth of $2.31 million, significantly more than Gen X, Millennials, and Gen Z.
Despite older generations accumulating more wealth over time, young Australians may benefit from higher superannuation assets, which could lead to enhanced wealth accumulation compared to previous generations.