That rate of rapid wealth growth has never happened before in the data series' history, per the analysis, and it comes after wealth growth remained relatively stagnant for young Americans pre-pandemic. This data, as the authors of the CAP analysis note, suggests that wealth gains weren't just reserved for the top-earning millennials since both median and average wealth grew. "This suggests that the strong wealth growth for younger Americans is broad-based and not the result of strong growth of a handful of wealthy younger households," the authors write. As that report notes, financial assets were a major component of younger Americans' wealth growing. "We need to keep this robust labor market going and Congress needs to set its sights on younger Americans' greatest affordability challenge: housing," Duke said.

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