Debt, unemployment and property prices have combined to stop millennials taking their share of western wealth

Debt, unemployment and property prices have combined to stop millennials taking their share of western wealth

The Guardian have published some interesting data that shows that young adults face a huge economic challenge:

A combination of debt, joblessness, globalisation, demographics and rising house prices is depressing the incomes and prospects of millions of young people across the developed world, resulting in unprecedented inequality between generations.

A Guardian investigation into the prospects of millennials – those born between 1980 and the mid-90s, and often otherwise known as Generation Y – has found they are increasingly being cut out of the wealth generated in western societies.

Where 30 years ago young adults used to earn more than national averages, now in many countries they have slumped to earning as much as 20% below their average compatriot. Pensioners by comparison have seen income soar.

Here’s a Map to Help Us Understand America’s Share of Global Wealth

Here’s a map from Mark J. Perry at the American Enterprise Institute that breaks down the U.S. share of the global economy by renaming states according to their matching GDP’s of other countries.

For example, one million residents of Rhode Island have as much money as the 15 million citizens of Guatemala. Illinois’ 12 million have as much wealth as Saudi Arabia’s 28 million. And so on …

USA Map