Millennials, less prosperous than their parents, despite their more numerous aptitudes (study)

Most millennials make more efforts to make money and find good jobs than their parents, despite their higher education, is the conclusion of a study made by the Swiss bank Credit Suisse, quoted by Reuters on Tuesday.

Millennials , born between 1982 and 2000, according to the American Statistics Institute, have aged between 35 and 17 and face harsher credit rules, rising housing prices and lower financial mobility, the study says.

“In the context in which the baby boomers’ generation holds most best paid jobs and most houses, millennials have less achievements than their parents at the same age, especially concerning incomes, houses and other wealth indicators”, shows the annual Global Wealth study made by the Swiss bank and published on Tuesday.

The effect of this situation is that only those who have more achievements professionally than those who work in profitable fields like technology or finance have better prospects than their parents.

Credit Suisse says that global wealth in 2017, amounts to 280 trillion dollars, 6.4% more than last year, the highest increase rate since 2012 because of the development of stock market and the increase of the value of non financial assets such as properties.

Global wealth is concentrated bin the hands of a small number of people, so that 36 million millionaires, less than 1% of adult world population, hold over 46% of the financial patrimony. 70% of the adult population- 3.5 billion people - own less than 10,000 dollars in goods, which means only 2.7% of global wealth.

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