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Defined by the U.S. Census Bureau as being those born between
1982 and 2000 -- so between 35 and 17, now -- millennials face
tougher borrowing rules, rising home prices, and lower income
mobility, the study said.
"With the baby boomers occupying most of the top jobs and much
of the housing, millennials are doing less well than their
parents at the same age, especially in relation to income, home
ownership and other dimensions of wellbeing," the Swiss bank
wrote in its annual Global Wealth report, published on Tuesday.
As a result only high achievers and those in lucrative areas
like technology and finance have better prospects than their
parents.
Overall, Credit Suisse found global wealth at mid-2017 totaled
$280 trillion, up 6.4 percent year-on-year, the fastest pace of
growth since 2012 thanks to surging equity markets and more
valuable non-financial assets such as property.
However, the wealth is heavily concentrated.
Some 36 million millionaires making up less than 1 percent of
the adult population own 46 percent of global household wealth;
70 percent of adults -- 3.5 billion people -- own less than
$10,000 in assets and account for 2.7 percent of wealth.
(Reporting by Joshua Franklin Editing by Jeremy Gaunt)
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