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From the peak of the boom to the bottom of the bust, households watched a total of $16 trillion in wealth disappear amid sinking stock prices and the rubble of the real estate market. Since then, Americans have only been able to recapture 45 percent of that amount on average, after adjusting for inflation and population growth, according to the report from the St. Louis Fed released Thursday.
Well, there are Canadian and Australian baby boomers.
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They probably owned a disproportionate share of the wealth and the wealth lost.
Probably, yes. But "probably" isn't a very strong position to be taking, is it?
I'd argue that the decline in wealth has occured mostly among the Gen Y and Gen X. Gen Y has a ton of individuals with negative wealth from (A) Student loans and (B) Awful labor market. Gen X has negative wealth from underwater housing.
Boomers, by contrast, may own the majority of housing markets, but they also own the majority of stock markets too. As a % of their personal assets they are more heavily invested in the stock markets, which has obviously performed well.
Those who didnt get scared and sell off should have recovered fully, and then some, by now.
I'm up about 30% from mid 2008.
I'm doing fine too, but that's because I could sit tight and wait. Many people could not since they needed the money for retirement, etc.
From the link;
The report found that the most fragile households were not well educated, relatively young or black or Hispanic, or some combination of those characteristics. Those families tended to have low savings combined with high debt and accrued much of their wealth through housing.
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