Who wants to be a millennial? Generation comeback

Millennials were supposed to be the generation that never caught a break. They entered the workforce during the worst recession since the 1930s, spent their twenties buried in student debt and stagnant wages, and watched older generations lock up the housing market. The stereotype of the coddled, entitled millennial—blamed for killing everything from napkins to homeownership—became a cultural punching bag. But according to new research from The Economist’s senior economics writer Callum Williams, that story is now outdated. In most rich countries, millennials have not only recovered; they are on track to become the wealthiest generation in history.

The slow start was real

Williams is clear that millennials were not moaning needlessly. During the 2010s, when most of the cohort was in their twenties, the global economy was brutal. In Greece, youth unemployment topped 50 percent for much of the decade. In Britain, wage growth for people in their twenties was anemic. Roughly half of young Germans lived with their parents. The political fallout was visible: Occupy Wall Street in America, the indignados in Spain, UK Uncut in Britain, and widespread support among millennials for left-wing leaders like Jeremy Corbyn, Jean-Luc Mélenchon, and Bernie Sanders. The system really did feel rigged against them.

The turnaround: two big forces