How baby boomers got so rich

Baby boomers have accumulated significant wealth over the years, and there are several factors that have contributed to their financial success.

High-paying jobs

Many baby boomers have had high-paying jobs, particularly in fields such as law, medicine, and business.

"The baby boomers were the first generation to have access to higher education, and they took advantage of it," said David Autor, an economist at MIT.

This access to higher education led to better job opportunities and higher salaries, which helped to fuel their wealth accumulation.

Homeownership

Homeownership has been a key factor in the wealth accumulation of baby boomers.

According to a report by the Federal Reserve, homeownership rates peaked in 2004, with 69% of households owning their own homes.
Homeownership has provided a significant source of wealth for many baby boomers, particularly those who have seen the value of their homes appreciate over time.

Investments in stocks and bonds have also contributed to the wealth accumulation of baby boomers.

"The baby boomers were lucky to have come of age during a period of rapid economic growth, and they were able to invest in the stock market during the 1980s and 1990s, when it was on an upward trajectory," said James Galbraith, an economist at the University of Texas.

Author's note: The wealth accumulation of baby boomers has been influenced by a combination of factors, including high-paying jobs, homeownership, and investments in stocks and bonds. However, it's worth noting that not all baby boomers have been equally successful in accumulating wealth, and that socioeconomic factors have played a significant role in determining their financial outcomes.

The Morning Sun — 2025-11-27