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Millennials became the biggest U.S. generation this year, numbering some 73 million people.

In comparison, when baby boomers were the age millennials are today (around 1989), they controlled 21% of all national wealth.

Millennials are also earning far less than earlier generations, having reached working age during and after the financial crisis and the Great Recession.

This delay is often driven by financial realities — soaring higher education costs, high levels of debt and lower incomes.

“OK, boomer” becomes rallying cry for young people fed up with inequality and climate change. Frey noted another reason for the generation wealth gap: Younger Americans are much more diverse than earlier generations, with 44% of millennials being people of color.