According to the report, the average net worth of Millennials doubled during the pandemic.
During the pandemic, many Americans' finances were boosted by Covid-19 relief and record-low interest rates.
This is especially true for millennials, who have amassed significant wealth on average.
Millennials' total net worth has more than doubled, reaching $9.38 trillion in the first quarter of 2022, up from $4.55 trillion two years ago.
Millennials' average net worth — defined as total assets minus total liabilities — more than doubled during the same time period, rising from $62,758 to $127,793.
However, the average millennial net worth continues to lag behind older generations, according to the report.
With the average earnings of Gen Xers and baby boomers are $647,619 and $1,021,264, respectively.
With home values skyrocketing in recent years, it's no surprise that real estate, accounts for more than 1/3 of millennials' total assets.