For comparison, Gen X had 9% of the wealth, and Boomers had 21%. The largest generation in history did everything they were told, became the most educated generation, and now they're the poorest.
Here are the official numbers from the fed for millennial wealth
Zuckerburg owns a very large amount of Facebook stock, and he sells it on a pre-determined, fixed, schedule. The current amount of stock he has is around $80 billion.
To find out how much he’s sold on what schedule, the easiest answer is Yahoo Meta, insider transactions: https://finance.yahoo.com/quote/META/insider-transactions?p=META
You can also look at the their 2022 proxy report official in Meta SEC filings https://www.sec.gov/Archives/edgar/data/1326801/000132680122000043/meta2022definitiveproxysta.htm
Zuckerburg has 93,675,733 vested shares, 831,706 class A shares, and 349,745,790 class B shares a total of 350,577,496 shares (we don’t care about voting rights, just valuation). At today’s market value, those shares are worth $296.73 each (October 30, 2023). We multiple those numbers together and get $104,026,860,388.08.
So, that rounds to $104 billion dollars in Meta stock.
Finally, he controls additional shares via Chan Zuckerberg foundation, Mark Zuckerberg Trust, and assorted other groups.
When we do these wealth calculations, do we include debt? I would say the majority of my friends have negative wealth (tbf, a self selecting group of overeducated underemployed people)
Debt is usually not included as far as I know, and that makes the situation worse. Looks like typical debt in US is around 90k https://www.cnbc.com/select/average-american-debt-by-age/
wtf. Does no one have a savings account anymore? Even the boomers?
63% of the workers can't even afford a $500 emergency expense. So, no savings and tons of debt.
My dad is a early millenial in his late 50s. I guess it does make a difference if I inform you that I'm from India. He has only ₹4 lacs in his bank account. I have ₹7k in mine. Neither my mother, nor my sibling has a bank account. Ask me how we live our daily life. We don't - we survive. Better to just ingest rat poison and die that to live any longer.
That is rough comrade :(
we live in a sick world
And it's hovered around that level for a long while. :(
No. The average American is 1 paycheck away from homelessness and cannot cover a $500 emergency.
This is and has been the endgame of capitalism, and fascism. Economic feudalism, where the many fight in a race to the bottom over the few pennies the wealthy toss for their own amusement.
My mom died with $600 to her name and had to live at my sisters house because that was all she could afford on Social Security.
"Overeducated underemployed" kicks hard