Baby boomers are the wealthiest generation to have ever lived, a new report from Allianz has found, courtesy of affordable housing and strong equity markets providing huge returns on savings.

Millennials, on the other hand, have been the “biggest loser” in the wealth race, courtesy of “crisis after crisis,” the company’s 2024 Global Wealth Report reveals.

“A unique historical situation—strong economic growth, affordable housing markets, and booming equity markets—allowed [boomers] to build up a handsome fortune,” wrote the insurance and asset management giant in its report released Tuesday.

Meanwhile millennials have been saving during the likes of the 2008 financial crisis, the COVID pandemic, and a period of “really painful” inflation.

This has meant the returns they get on their squirreled-away funds have been significantly lower than those of previous generations, and the total nest egg they’ve saved during their lifetime is significantly less impressive.

In its report Allianz modeled a handful of hypothetical individuals across generations, tracking their savings returns—and corresponding wealth—throughout their respective economic cycles.

A U.S. boomer born in 1960, for example, with an annual savings rate of 10% over 40 years will have generated lifetime savings of more than 850% of their disposable income.

An American Gen Xer, meanwhile, who has saved at the same levels will now have a fortune worth 606% of their disposable income, with an annual return rate of 6.7%.

But even a gap of 200% between boomers and Gen X looks attractive compared with the deal millennials got.

Millennials born in 1984—who saved at the same rate as their parents’ generation—will see their total lifetime nest egg amount to just over 430% of their disposable income.

Of course, millennials still have a couple of decades to keep topping up their savings while they continue to work. Even then, Allianz suggests they will never accumulate the same levels of wealth as boomers themselves—netting 670% of their disposable income within their lifetime.

Gen Zers—the youngest generation entering the workforce—fare better than their millennial peers, but not as well as the oldest generation.

American Gen Zers born in 2004 can expect their total savings to amount to 766% of their disposable income in 2063, surpassing both Gen X and millennials.

That being said, “even with the same savings behavior, no generation can match the wealth accumulation enjoyed by the baby boomers,” Allianz wrote.

New wealth dynamic

Boomers may be the wealthiest generation to have ever lived now, but there’s time yet for another group to take the mantle.