Well, not so much.
Fusion, a media company that targets millennials, has created the Wealth Gap Calculator
, which shows users where their salary ranks compared to other American millennials. The results are staggering. To be in the generation’s 1%, it only takes the income of about $106,500 a year.
"A salary of about $60,000, the typical starting rate for a computer science or engineering major, would put a recent undergrad in the top 10% of potential earners between the ages of 18 and 34," wrote the story's author, Rob Wile. “In contrast, it’d take more than $90,000 for a Baby Boomer to achieve the same elite status among peers.”
The calculator and article shed light on the generation’s huge wealth disparity. More millennials are living in poverty today and have lower rates of employment compared with their counterparts in 1980, according to data from the U.S. Census. One in five young adults lives in poverty (13.5 million people), up from one in seven (8.4 million people) in 1980.
According to a recent National Association of Realtor’s survey
, millennials are the largest group of recent buyers, making up 32% of the share. However, the share of millennial purchases could be higher if not for the numerous obstacles that have slowed the generation’s journey to homeownership, according to NAR.
Usually, the depiction of the wealthiest 1% includes a silver-haired Wall Street broker on his yacht, sipping a martini and surrounded by luxurious items. So, what about the millennial 1%?