Gen X have most wealth in property as Baby Boomers move to cash

22 January 2026

Gen X households hold the most wealth in property and shares of any generation, but Baby Boomers continue to have the highest net worth, reveals KPMG in its latest analysis of household wealth across birth cohorts. 

Baby Boomer households remain the wealthiest, with an average net worth of $2.46 million with the highest amounts of cash and superannuation, highlighting their shift towards more liquid assets in retirement.  

Gen X households have the most wealth in dwellings and land, with an average of $1.445 million, compared to Baby Boomers’ holdings of $1.360 million. Both generations are leaps ahead of Millennials who own $890,000 in property. 

Table 1: Household wealth by asset class by birth cohort, 2024-25

^{Note: Data rounded to the nearest $1,000}

^{Note: Average wealth for each birth cohort is estimated using 10-year age group averages and breaking them down into single-year age averages. These single-year age averages are then combined to calculate the average for the birth cohort. Millennials are assumed to be aged between 29 and 44 years, Gen X between 45 and 60 years, and Boomers between 61 and 79 years.}

^{Source: KPMG analysis of ABS National Accounts, Household Balance Sheet, National Accounts: Distribution of Household Income, Consumption and Wealth, Household Income and Wealth Survey, and National, state and territory population.}

KPMG Urban Economist Terry Rawnsley says the shift in asset ownership highlights the acceleration of the great wealth transfer. 

“The great wealth transfer is in full swing, as Baby Boomers start downsizing properties and moving that wealth into cash. They are also beefing up their super accounts as they begin to spend in retirement or hand down wealth to their children.”

“This has meant Gen X is atop the mantel as the wealthiest property owners,” adds Rawnsley. 

Behind Baby Boomers, Gen X households still have an average net worth of almost $2.2 million, but there is a significant drop to Millennials at an average of $905,000. 

“For the average Millennial household, the property they own is still largely a liability which explains why their net worth is less than the average value of their property,” explains Terry Rawnsley. 

In terms of cash and deposits (which can also include money sitting in home loan offset accounts), Baby Boomers lead with $220,000, followed by Gen X at $195,000 and Millennials at $115,000.

When it comes to shares, Gen X takes the lead with ownership values of $235,000, while Baby Boomers hold $180,000. Millennials, again, hold significantly smaller amounts in shares, averaging $60,000.

Millennials have the largest amount of debt at $460,000, followed by Gen X with $425,000. Baby Boomers generally have very little with only $160,000, as the home loan and other debts have mostly paid off by their age. 

Wealth growing fastest for young Aussies

People often judge their wealth against others in their generation, but digging into more detailed data reveals how wealth really builds across a lifetime. 

Households headed by specific age group show there are some positive signs for young Australians who saw the largest growth in wealth over the last 5 years. 

The 25–34 year household age group recorded the largest five-year increase in household wealth, rising by 63% from $340,000 in 2019–20 to $550,000 in 2024–25.

“This increase was largely driven by increased home ownership of young Australians, sparked by ultra-low interest rates in 2020 and 2021,” Rawnsley said. “However, with interest rates now at much higher levels that home ownership window is now firmly closed.” 

Households in the 45–54 and 55–64 age groups recorded strong gains, with wealth growth of around 55% and just under 50% respectively as they have all benefited from a rising housing, share market.  

Older households experienced slower growth, with those aged 65+ increasing by 43% as retirees draw down assets, such as superannuation and home equity, to fund retirement.

Despite recent gains, stark disparities remain, households aged 55–64 hold more than double the net wealth of those in the 35-44 age group and more give ten times that of households headed by 24-34 year-olds.

Property remains the cornerstone of household wealth

The new analysis highlights the importance of property to wealth generation in Australia and how it is benefiting specific age groups that have managed to get a foot on the property ladder.

"For young Australians able to get into the market they are starting to see strong growth, but for those aged under 30, many of whom have been locked out of housing, wealth accumulation will be a much tougher task,” Rawnsley said.     

For households aged 45–54, property dominates their wealth, peaking at $1.443 million. They’re also well diversified, with $278,000 in shares and $509,000 in superannuation. This wealth profile is reflecting a lifetime of super contributions and exposure to the share market and purchasing home when they were more affordable.

Table 2: Household Wealth by Asset Class by Age Group, 2024-25.

^{Note: Data rounded to the nearest $1,000.}

^{Source: KPMG analysis of ABS National Accounts, Household Balance Sheet, National Accounts: Distribution of Household Income, Consumption and Wealth, Household Income and Wealth Survey, and National, state and territory population.}

There is a similar level of wealth for the 35-44 age group, but they have clearly had less time to climb the property ladder with an average housing wealth of $1.052 million. They have also had less time to pay down debts with slightly higher average loans compared to the 45-54 age.

The 25–34 age group shows more distinct differences explains Terry Rawnsley. 

“Many young people in this group are just entering the housing market, which leaves them with large mortgages. Combined with HECS debts, this makes them the most leveraged generation with an average loan size of $346,000, offsetting total assets of $899,000.”

“With many young people locked out of the housing market, we may see more of this generation focus on share portfolios as a more accessible way to build wealth,” adds Rawnsley. 

Super the future 

For older age groups, we start to see wealth being drawn down to fund retirement.

The 65+ age group has an average net worth of $2.09 million made up of $1,192,000 in housing and $458,000 in superannuation compared to the 55–64 group which hold the highest overall wealth at $2.5 million, primarily driven by property assets worth $1.53 million and significant superannuation balances averaging $755,000.

Reflecting their conservative nature, the 65+ group holds more of their wealth in cash and deposits than the 55–64 age group.

Meanwhile, the 25-34 and 35-44 age group hold $151,000 and $289,000 in their super accounts respectively.

“There is some good news for younger generations; their superannuation will be coming off a far higher base than their parents. This means the wealth they will eventually accumulate from super will be far higher than today’s retirees,” Rawnsley said. 

KPMG Asset Wealth Management Sector leader, Robyn Annett says that the way younger Australians build their superannuation will look very different to previous generations.

“Super will play a far more central role in young Australians overall financial security, meaning the patterns of contributions and withdrawals could diverge significantly from what we see among today’s retirees.

“This isn’t just about people’s personal finances. It also has significant implications for the entire superannuation industry, particularly in managing the increasing outflow of funds and transforming offerings to address the differing behaviours of customers as they approach and enter retirement," said Annett.