Wealth of Aussies laid bare as one generation takes the top spot - so how do you compare to everyone else your age?

By SARAH BROOKES - SENIOR REPORTER, AUSTRALIA Published: 03:14, 15 April 2026 | Updated: 03:14, 15 April 2026 The average wealth of Australians by each generation has been laid bare with one unsurprising group crowned the richest in the country. Property strategist Michael Yardney revealed Baby Boomers took out the top spot as KPMG analysis showed the extent of their wealth.  On average, Boomers - those born between 1946 and 1965 - hold property worth $1.3million, $641,000 in superannuation, $206,000 in shares and $242,000 in cash savings, while carrying relatively little debt, at around $82,000. 'If you're a Baby Boomer, congratulations, statistically, you're Australia's wealthiest generation,' Mr Yardney wrote in a newsletter earlier this month.  'Many have spent decades building wealth through property, superannuation and a relatively stable economic environment.' Baby Boomers now hold about half of Australia's total housing wealth, and crucially, they have far less debt than younger generations. 'They didn't start rich - they benefited from time in the market,' Mr Yardney said. 'They'll tell you they did the hard things early so life could be easier later.' Generations Alpha and Beta are growing up in a world where lifelong renting may be the norm KPMG analysis of the wealth held by each generation is revealing Now, that vast pool of national wealth is beginning to shift. As Baby Boomers move from accumulating assets to preserving them, attention is turning to the multi-trillion-dollar intergenerational wealth transfer - with the first real beneficiaries emerging among Generation X, born between 1965 and 1980. Often dubbed the 'sandwich generation', Generation X grew up in a very different Australia to their elders; juggling mortgage repayments, raising children and, increasingly, helping to support ageing parents. Many are still in their peak earning years, and on paper they are doing well. The average Gen Xer owns $1.3million in property, $586,000 in superannuation, $256,000 in shares and $176,000 in cash. After deducting an average debt load of $448,000, their net wealth stands at about $1.88million. But KPMG economist Terry Rawnsley said the coming wave of inherited wealth won't fix the widening divide. 'Rich people leave their money to their rich kids,' he said. 'It's not going to spread wealth more evenly unless the Boomer generation decides to skip their Gen X children and pass money straight to the grandchildren.' KPMG economist Terry Rawnsley (pictured) said intergenerational transfers are unlikely to meaningfully reduce inequality That said, Mr Rawnsley said there is growing evidence older Australians recognise younger families are under pressure and are stepping in where they can. 'Parents can see their kids and grandkids are in a squeeze, and they're trying to help out through transfers and the Bank of Mum and Dad,' he said. For Millennials, now in their 30s and early 40s, the squeeze is already a reality. They're also juggling mortgages, childcare costs and career progression in an economic environment very different from the one their parents benefited from.  'They're facing soaring property prices, weaker wage growth and a much higher cost of living,' Mr Yardney said. Despite making up about 15 per cent of Australian households, Millennials hold just 5 per cent of the nation's total wealth. The average Millennial owns $750,000 in property, $260,000 in superannuation, $51,000 in shares and $104,000 in cash, giving them a net wealth of about $757,000. For those coming up behind them, the numbers shrink dramatically.  If you're a Baby Boomer statistically you're Australia's wealthiest generation Generation Z - born between 1997 and 2007 - is only just entering the workforce, meaning their wealth is modest for now and the real story will unfold over coming decades. Still, the markers of a tougher path are already visible: higher education debts, later home ownership and changing attitudes to investing, with greater interest in shares, ETFs and cryptocurrency. Mr Rawnsley said in the future inheritance might matter more than education or income. 'We're heading in that direction that you have this landed gentry cohort where in some parts of the cities, you can't afford to buy without the help of that bank of mum and dad,' he said. 'It really is creating a bigger divide between the haves and have nots, because if you get in the housing market, you have access to the wealth accumulation. You're not burning money on rent.' Mr Rawnsley said that divide is already reshaping expectations for younger Australians. 'Generation Y was told get a good job, save hard, buy an apartment, then work your way up to a house,' Rawnsley said. 'I don't think that expectation will exist for the youngest generations.' Generations Alpha and Beta are growing up in a world where lifelong renting may be the norm Instead, he said Generations Alpha and Beta are growing up in a world where lifelong renting may be the norm. 'They might think: I probably won't own a home - how do I live my best life as a renter,' he said. 'That mindset might actually ease things for them, whereas younger Gen X and Millennials are feeling burnt because they missed out on what they were promised.' No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards. By posting your comment you agree to our house rules. 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