Gen Z, Millennials Have Gained More Wealth Than Gen X, Boomers Since 2019 Thanks to This Popular Personal Finance Move The younger generations received larger stimulus checks during the pandemic — and put them to work.

Americans over 70 hold 30% of the country's wealth, per Bloomberg — but younger generations are also building fortunes of their own.

The total wealth of Americans under 40 increased by 80% to $9.5 trillion between the first quarter of 2019 and the third quarter of 2023, according to a study by the New York Federal Reserve reported by CNBC.

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And the most significant driver? That would be the stock market. According to the study, younger generations received larger stimulus checks during the pandemic and used them, in part, to purchase stocks.

Corporate equities and mutual funds made up 25% of the under-40 set's financial assets as of the third quarter of 2023 — up from 18% in 2019 — and the same age group saw the value of their financial assets soar by 50% in that period, per the research.

"This shift in portfolio composition toward equities likely reflects the fact that younger adults, being farther away from retirement, can afford to invest in risky assets at a higher rate than older adults," the study stated.

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Research also suggests that Gen Z and millennials may have different approaches to balancing their portfolios than their older counterparts.

Across all generations, retirement investing accounts and individual stocks are the most common types of investments, The Motley Fool reported.

However, a survey from the outlet revealed that more Gen Z (59%) and millennial (63%) respondents think a high-performing portfolio should include more than five different companies or funds compared to 55% of Gen X and 50% of baby boomers.