Millennials’ total net worth has doubled since the start of the coronavirus pandemic, according to a new report from MagnifyingMoney…(MM)
- In the first quarter of 2022 millennials had a collective net worth of $9.38 trillion, this is up 106.2% from the first quarter of 2020.
- The average net worth of millennials doubled, as well. Jumping 103.2% from $62,758 to $127,793.
Ismat Mangla executive director at Magnify Money, said “The COVID-19 pandemic has changed the way people spend money, and savings rates have skyrocketed…Millennials are no exception. They’re also savvy when it comes to investing and compounding their earnings.”