Gen X property rich, but wealth still in hands of Boomers

While Gen X holds the most wealth in property, Baby Boomers have the highest net worth, according to analysis from KPMG.

The new analysis reveals that for households aged between 45-54 years, property dominates their wealth, while for the older age brackets 65 years and over, wealth is being drawn down to fund retirement.

Terry Rawnsley, KPMG urban economist, said 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,” he said.

“This has meant Gen X is atop the mantle as the wealthiest property owners.”

The 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.

Terry Rawnsley, KPMG urban economist, said 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.

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 homes when they were more affordable.

There is a similar level of wealth for the 35-44 age group, but they have 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 with the 45-54 bracket.

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,” he added.

“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. 

In comparison, 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. 

Robyn Annett, KPMG asset wealth management sector leader, said 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,” said Annett.

“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.”

Keeli Cambourne

January 30 2026

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