2021

PO W ER INDE X
GENERATIONAL
 APPENDIX

CONTENTS
TABLE OF
3 INTRODUCTION 12 ECONOMIC POWER

3 FOREWORD

18 POLITICAL POWER
4 EXECUTIVE SUMMARY

5 INTRODUCTION TO THE GPI

23 CULTURAL POWER

7 GENERATIONAL
POWER SHIFTS OVER TIME
27 SUMMARY
8 TIMELINE: EVENTS THAT
SHAPED THE GENERATIONS
28 METHODOLOGY
10 OVERALL POWER

11 OVERSIZED POWER 32 ABOUT

GENERATIONAL POWER INDEX / 2

APPENDIX

IN THE
COMING DECADES,
the Western world will experience one of the most
consequential and meaningful generational shifts in history.

THE BABY BOOMERS (born 1946-1964), the wealthiest and most influential
generation on the planet, currently control $64.7 trillion1 (53%) of U.S. wealth, the
majority of positions in federal and state governments, and nearly three-quarters
of S&P 500 companies. And during their reign, this generation has played a pivotal
role in shaping the governmental and financial systems that guide the rest of society.
That said, 40%2 of Boomers have already retired, and every year, millions more are
leaving the labor force. As the remaining Boomers shift focus to their golden years,
they will start passing down their wealth, economic and political power, and cultural
influence to people in younger generations.
In this new annual report, we highlight the findings of our inaugural Generational
Power Index (GPI), an attempt to quantify how much influence over society is held
by each generation, as well as in the specific realms of economic, political, and
cultural power.
While it’s still early days in truly understanding the consequences of the
generational power shift that is rippling throughout society, we believe the GPI
can serve as a data-driven starting place to help set a useful context for every
new Gen Z TikTok influencer, the election of the first Gen X President of the
United States, or every new Millennial billionaire that emerges.

The stakes are high and the passing of the torch is inevitable, but there are still On behalf of the Visual Capitalist team,
many questions to be answered on how and when exactly the power vacuum left
by Boomers may be filled.

Will Generation X (born 1965-1980), now in its prime earning years, take the reins
of power to reshape society in a way that suits the “MTV Generation”? Or will the
tech-savvy Millennials (born 1981-19963)—the most populous generation in America
“” As time and space are
bent by gravity, so too
is truth bent by power.
and the children of Boomers—leapfrog them thanks to their superiority in numbers? JEFF DESJARDINS – JAMES ROZOFF
Editor-in-Chief and Founder, Visual Capitalist

1 As of Q4 2020. Source: Federal Reserve. 2 Pew Research

3 There is some debate on start and end years of Millennials, as well as other generations. In this report, we use the most commonly accepted definition for each generation.
GENERATIONAL POWER INDEX / 3
 APPENDIX

Highlights of the 2021 GPI

SUMMARY
Each generation is shaped
by its own unique historical context SILENT GEN
The oldest and smallest
generation featured in
this report still has more

and cultural experiences, creating a

Economic and Political
EXECUTIVE Power than Millennials
and Gen Z combined

shared perspective about the world

that is different from their elders.
BABY BOOMERS
The most powerful Owns more Ranks #1 in both
#
1 generation, with a wealth than all Economic and Political
38.6% share of other generations categories of power
Overall Power combined
43.4%
Therefore, it shouldn’t surprise us when any given generation takes the 38.6%

opportunity to shape the society around them, bending both political 47.4%

and economic structures to align with their values.

In the inaugural edition of our Generational Power Index (GPI), we aim GEN X
to accurately break down the landscape of generational power in the The second most Ranks #1 in Cultural Power,
current moment. To do this, we quantify power in the U.S. using three #
2 powerful generation, with a 36.0% share
with a 30.4% share of
key categories: Overall Power 36.0

30.4%

ECONOMIC POLITICAL CULTURAL

POWER POWER POWER

All three categories are combined together to create our flagship metric: MILLENNIALS
Had highest share of power
Overall Power. Ranked 3rd in Cultural in our Digital Platforms and
#
3 Power, and 4th in Celebrity variables
both Economic and (Cultural Power)
In the following pages, we’ll dive into the metrics and variables that make Political Power
up the index, and perhaps more importantly, we’ll start to unravel the
captivating stories that are emerging at the forefront of the transition of
generational power.

Not only will this snapshot of power and influence tell you who has power
and how they wield it, but it also sets the stage for the big decisions that
The youngest generation featured in this report
will define the future direction of society, as this power shift becomes GEN Z ranks last in every power category, but this is to
more complete. be expected given their age range (9-24 years old)

4 This report focuses exclusively on the U.S., but similar power dynamics are in place in many Western countries.
We expect to build regional spotlights (i.e. Canada, Europe, etc.) into future editions of the report.
GENERATIONAL POWER INDEX / 4
 APPENDIX

I N T R O D U C T I O N TO T H E

GENE RATIONAL
There are concepts that are easy to obser ve, but hard to measure.
For example, humans, in their quest to categorize and codify Of course, measuring the boundaries of these generations

POWER INDEX
the world, largely agree on the idea of “generations”. Shared
experiences and demographic shifts add up to noteworthy
similarities within cohorts of the population. The Baby Boomers
were a particularly easy generation to identify. The postwar era
was a strong unifying force and the sheer numbers of new
humans was a clear demographic event.
is a tricky business. Over the years, competing ideas have
entered the public conversation, and academics have landed
on age brackets that are now widely cited. Below are the age
ranges of generations, and their distribution within
the current population of the United States.

The newest generation to enter the fray,

BA BY BOOMERS MILLENNIALS the oldest among Gen Alpha will be 8
AGE 57-75 GEN X AGE 25-40 GEN Z years old in 2021. Within the next decade,

21.8% 22.0%
they’ll begin voting, entering the
AGE 41-56 AGE 9-24

20.3%
workforce, and are set to be the most

19.9%
digitally-savvy yet.

1946 1964 1981 1996

1997 2012 ALPHA
SILENT GEN 1965 1980
AGE 76 (and over) AGE 8 (and below)

7.6% 8.4% % of U.S. Population

Born
1928 1945 2013
between:

Source: Brookings

1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 2030
GENERATIONAL POWER INDEX / 5
 APPENDIX

Another easy to obser ve, but hard to measure concept is power.
The ability to influence others and shape events is
as old as humanity itself, but as society becomes more
complex, so do manifestations of power. Of course,
time-honored positions of power still endure in the
21st century. Judges and CEOs still command respect
and wield great influence over society. Movie stars and
authors are still very much a part of the conversation.
That said, technology–the great disruptor–is now
adding new elements into the mix. Smartphones allow
nearly anyone to speak directly to billions of people.
Decentralized finance is re-shaping traditional systems
of wealth. With this increasing complexity in mind,
we examined the broadest range of factors possible,
and narrowed down to three distinct categories:
HOW WE
CALCULATE THE GPI
Each of the three categories is built from a combination of factors.
For example, the Economic Power category is constructed from five
distinct factors. The Overall Power score is created by combining the
three power categories.

Number of variables

5 4 8

POLITICAL POWER ECONOMIC POWER CULTURAL POWER

See pages 28-30 for

OVERALL POWER a detailed overview
of the methodology.

E CO N O M I C POLITICS C U LT U R E

GENERATIONAL POWER INDEX / 6

 APPENDIX

G E N E R AT I ON A L

POWER SHIFTS
W h a t ’s s o i m p o r t a n t a b o u t m e a s u r i n g g e n e r a t i o n a l p o w e r ?
As newer generations move into positions of power, We know an index like this will never be perfect, but

OVER TIME
they begin to shape society so it conforms to their
unique, collective worldview. Therefore, knowing
which generation is leading the pack gives us a
better understanding of where society is headed,
and what we can expect for the near future.
we’re confident that the Generational Power Index
is a powerful tool that provides insight into
inter-generational power dynamics, and how they
evolve over time.

G E N E R AT I O N ’ S PA R T I C I PAT I O N I N
P U B L I C L I F E A N D W E A LT H C R E AT I O N

SILENT GEN BABY BOOMERS GEN X MILLENNIALS GEN Z

G E N E R AT I O N ’ S
PEAK POWER

INFLECTION
POINT

POWER

D E AT H TIME
BIRTH

GENERATIONAL POWER INDEX / 7

 APPENDIX
TECH
REVOLUTION OBAMA
ELECTION
TRUMP
Millennials
and Gen X
BERLIN WALL /
KEY EVENTS THAT END OF THE
named the
election of
ELECTION

SHAPED GENERATIONS
President Obama
COLD WAR as the second most
historic moment to
COHORT ENTIRE COHORT COHORT JFK ASSASSINATION happen in their
REACHES IS IN THE REACHES lifetime so far.
ADULTHOOD WORKFORCE RETIREMENT AGE Baby Boomers named the assassination
of JFK as the second most historic
moment to happen in their lifetime.

SILENT GENERATION

BABY BOOMERS

GENERATION X

MILLENNIALS

GENERATION Z

1940 1950 1960 1970 1980 1990 2000 2010 2020

WARS IN
WWII AFGHANISTAN
MOON AND IRAQ
LANDING VIETNAM
WAR &
PROTESTS
9/11

CIVIL RIGHTS
MOVEMENT Every generation prior to
Gen Z named Sept. 11 as the COVID-19
most historic event that
occurred in their lifetime.
GENERATIONAL POWER INDEX / 8
Source: PEW Research
2021
APPENDIX

PO W ER INDE X
GENERATIONAL
 APPENDIX

OVE RALL 3.7%

GEN Z
12.8%
PO W ER
SILENT GEN

14.5%
MILLENNIALS

Overall Power is calculated by combining data from all three categories we

cover in this report: Economic , Political, and Cultural Power.

With 38.6 % of Overall Power, the Baby Boomers are the most influential cohort .
Gen Z comes in last place with 3.7 % of Overall Power, though this is to be
expected given that they are 9-24 years old in 2021.

Within the three distinct categories, Baby Boomers are again the heavy weights
with the most Economic and Political Power. However, Gen X emerges as the
most powerful generation in the cultural sphere.

Breakdown of power by generation

OVER ALL G E N E R AT I O N E CO N O M I C POLITICAL C U LT U R A L

RANK POWER POWER POWER

#
1 BA BY BOOMERS 43.4% 47.4% 25.1%
30.4%
GEN X
38.6%
BABY BOOMERS

#
2 GEN X 26.2% 29.0% 36.0%

#
3 MILLENNIALS 9.6% 10.0% 23.9%

#
4 SILENT GEN 17.6% 12.1% 8.8%

#
5 GEN Z 3.3% 1.6% 6.1%

Note: Percentages may not total 100 due to rounding. GENERATIONAL POWER INDEX / 10
 APPENDIX

OVE RSIZE D POWE R

In comparison to their population weighting, most generations have disproportionately
higher power in certain variables that we measured for this report .

SILENT GEN BA BY BOOMERS GEN X MILLENNIALS GEN Z

Variables where people aged Variables where people aged Variables where people aged Variables where people aged Variables where people aged
76+ punch above their weight: 5 7–75 punch above their weight: 41–56 punch above their weight: 25– 40 punch above their weight: 9–24 punch above their weight:

BOOKS S&P 500 CEOS FILM / TELEVISION D I G I T A L P L AT F O R M S NOTHING YET

BILLIONAIRE WEALTH CHIEF JUSTICES CITY COUNCILS CELEBRITIES

E CO N O M I C P O W E R

POLITICAL POWER
E L E C T I O N C A M PA I G N SMALL BUSINESS
S T AT E G O V E R N O R S MUSIC & RADIO
SPENDING OWNERSHIP C U LT U R A L P O W E R

GENERATIONAL POWER INDEX / 11

 ECONOMIC POWER APPENDIX

POWER
ECONOM IC

Generation X has managed to car ve

out some power from dominant Baby
Boomers, but younger generations
face an uphill climb.

GENERATIONAL POWER INDEX / 12

 ECONOMIC POWER APPENDIX

ECONOMIC 3.3%
GEN Z

POW ER 9.6%
MILLENNIALS 17.6%
SILENT GEN

Economic variables by generation

16% 53% 27% 5%

NET WORTH
26.2%
GEN X

22% 22% 23% 20% 13%

MEDIAN
EARNINGS

32% 42% 19% 7%

BILLIONAIRE
W E A LT H

BUSINESS
1% 57% 36% 7% 1%
43.4%
BABY BOOMERS
LEADERS

More than half of business leaders are Baby Boomers. Baby Boomers currently hold
the most Economic Power
– more than Millennials,
Gen X , and Gen Z combined.
GENERATIONAL POWER INDEX / 13
Note: Percentages may not total 100 due to rounding.
 ECONOMIC POWER APPENDIX

NO PIE FOR YOU

Share of U.S. household wealth
100%
Yo u n g e r g e n e r a t i o n s f a c e a n u p h i l l c l i m b
Born in a post-W WII era, Baby Boomers lived their working years in
a relatively prosperous economy. In contrast, many Millennials have
started their careers in the aftermath of the 2008 Financial Crisis.

Today, Millennials and Gen Z face a slew of financial challenges,

75%
with rising debt chief among them.

To t a l a v e r a g e d e b t b y g e n e r a t i o n
% c h a n g e i n t o t a l a v e r a g e d e b t , 2 0 1 9 -2 0 2 0
50%

-4.6%
SILENT GEN

+0.3% +3.5% +11.5% +67.2%

BABY BOOMERS GEN X MILLENNIALS GEN Z

25%

Over the course of the COVID-19 pandemic , Gen Z unemployment rates

were two times greater than older generations.

Source: Experian, U.S. Federal Reserve, OECD

1989 1995 2000 2005 2010 2015 2019

GENERATIONAL POWER INDEX / 14

 ECONOMIC POWER APPENDIX

STAY ING POWER

Baby Boomers not only entered the
workforce at a fortuitous time, but The outliers
t h e y a l s o r e d e fi n e d w h a t i t m e a n s t o M a r k Z u c k e r b e r g v . W a r r e n B u ff e tt
work, stretching their tenures well To t a l n e t w o r t h
beyond previous generations.
$101B
As a result, Gen X is being left out of the C-suite – at least W A R R E N B U F F E T T, 9 0 Y O
for now. SILENT GEN

$113B
M A R K ZUCKER BERG, 3 6YO
Ave r a g e b i r t h ye a r of i n c o m i n g C E O MILLENNIAL

BIRTH YEAR
As fate would have it, two well-known leaders
1970
bookend the S&P 500 CEO age spectrum:
1968 Mark Zuckerberg and Warren Buffett.
GEN X

1966 At the tender age of 23, Zuckerberg became

1964
the youngest self-made billionaire in history
in 2007, less than three years after Facebook’s
1962 launch. 14 years later, he is still the S&P 500’s
1960 youngest CEO.
BABY BOOMER

1958 Warren Buffett, meanwhile, has had a

rewarding career spanning seven decades.
1956
Buffett made his first billion at age 56 in 1986.
1954 His depth and breadth of financial market
1952
knowledge is why he’s still considered one
of the most powerful and influential investors
1950 out there.
2005 2007 2009 2011 2013 2015 2017 2019
Source: Bloomberg Billionaires Index.
YEAR OF INCOMING CEO
GENERATIONAL POWER INDEX / 15

Source: Crist Kolder Volatility Report, Boundless

 ECONOMIC POWER APPENDIX

SMALL BUSINESS,

BIG POWE R
The era of the side hustle
S ma l l b u s i n e s s e s e m p l oy a r o u n d o n e -third
of t he U . S . work f orce , and make u p 9 9 . 9 %
o f a l l fi r m s i n t h e c o u n t r y.
37% of Americans
Small business owners don’t operate at the scale of, say, While Boomers dominate at the S&P 500 level, it ’s Gen X
have a ‘side hustle’
Apple or Amazon, yet they still wield a great deal of influence that leads in the small business category. to make ends meet.
in their communities.

Small business leaders, by generation Younger generations still make up a

small por tion of small business owners,

41 % 46 % 13% 1%
but that doesn’t mean they are any
less entrepreneurial.
MILLENNIALS GEN Z
BABY BOOMERS GEN X
Millennials and Gen Zers are 188% more
likely to have the aim of creating a side
business, compared to Boomers and
Silent Gen.

Source: Bankrate, Salesforce, Small Business

A d m i n i s t r a t i o n , D e l o i tt e

Note: Percentages may not total 100 due to rounding.

GENERATIONAL POWER INDEX / 16

 ECONOMIC POWER APPENDIX

T H E G R E AT

WEALTH E q u i t i e s & m u tu a l f u n d s ha r e s by g e n e r a t i o n , U S D
As of Q4 2020

TRANSFER Financial assets represent

nearly 30% of Boomers'
collective net wor th.

As Boomers age and begin

needing retirement income,
these assets could be drawn
down significantly.
O ve r t h e n ex t t h r e e d e ca d e s , e co n o m i s t s
a r e a n t i c i p a t i ng a h i s t o r i ca l l y s i g n i fi ca n t $18.4T
s h i ft i n A m e r i ca ’s wea l t h d i s t r i b u t i o n . BABY BOOMERS

Known as the Great Wealth Transfer, Millennials could inherit

as much as $68 trillion from their Baby Boomer parents,
currently aged 57 to 75 .

There is a layer of uncer taint y surrounding this number, given $8.4T

GEN X
that a large share of Boomers’ wealth is tied to investments or
homes. Future stock market per formance, as well as tax and
estate laws, are likely to influence the amount of wealth
Millennials actually inherit.
$73.0B
MILLENNIALS

$6.0T
SILENT GEN

Source: Federal Reserve GENERATIONAL POWER INDEX / 17

 POLITICAL POWER APPENDIX

POWER
POLITICAL

Baby Boomers are still the

clear leaders in the political
arena, but power dynamics
are beginning to shift.

GENERATIONAL POWER INDEX / 18

 POLITICAL POWER APPENDIX

While Gen Z doesn't yet have 1.6%

POLITICAL
GEN Z
a foothold in politics, they
will soon form a sizable slice
of the electorate.

10.0% 12.1%

PO W ER
MILLENNIALS SILENT GEN

Political variables by generation

11% 32% 26% 24% 8%

VOTER
DISTRIBUTION

Gen Zers make up 8 % of total voters

38% 39% 18% 5%

POLITICAL
SPENDING
29.0%
GEN X
Boomers and the Silent Gen control the purse strings for nearly 80 % of political spending

7% 59% 32% 3%
FEDERAL
P OS I T I O N S

47.4%
3% 68% 24% 4%
S TAT E
P OS I T I O N S
BABY BOOMERS

2% 39% 46% 14%

LOC A L
P OS I T I O N S

Gen X hold 46 % of local government positions

GENERATIONAL POWER INDEX / 19

Note: Percentages may not total 100 due to rounding.
 POLITICAL POWER APPENDIX

THE
EVOLVING T h e f a c e o f t h e U . S . v o t e r i s s k e w i n g e v e r y o u n g e r.

ELEC TORATE
Younger generations have very different perceptions on everything from
cannabis to climate change, and that is starting to be reflected in legislation.

2016 was the last election that Baby Boomers made up over a third of total U.S.
voters, and collectively, their voting power will now decline from here on.
Source: Center for American Progress
All U.S. voters, current and projected

2016 2020 2024P 2028P 2032P 2036P

100%
8% 13% 18% 24% 29%
23% 2% GEN Z GEN Z GEN Z GEN Z GEN Z GEN Z
MILLENNIALS
24% The oldest members of
MILLENNIALS Gen Alpha (those born in
24% 2013 and later) will be
MILLENNIALS eligible to vote in 2031.
25%
75% MILLENNIALS
26% 25%
GEN X MILLENNIALS
26%
26% MILLENNIALS
GEN X
26% Millennial and Gen Z’s
GEN X combined voting power will
25% skyrocket from 32 % in 2020
GEN X up to 55 % by 2036.
50%
24%
34% GEN X
BABY BOOMERS 23%
32% GEN X
BABY BOOMERS
29%
BABY BOOMERS
27%
25% BABY BOOMERS
24%
BABY BOOMERS
20%
BABY BOOMERS

15%
SILENT GEN
11%
SILENT GEN 8% 3% SILENT GEN 2% SILENT GEN
0%
SILENT GEN 5% SILENT GEN

Note: Percentages may not total 100 due to rounding.

 POLITICAL POWER APPENDIX

THE

COMPOSITION OF CONGRESS
B a b y B o o m e r s s t i l l r u n t h e s h o w i n A m e r i c a’s
h i g h e s t o ffi c e s . Oldest members of Congress Yo u n g e s t m e m b e r o f C o n g r e s s
DI A NNE FEINSTEIN (C A), 87YO M A DISON C AW THORN (NC ), 2 5YO
Even with a growing share of the electoral base, younger generations still DON YOUNG (A K ), 87YO
wield ver y little political power within government itself.
Baby Boomers claim 298 out of 532 total Congress seats. That means they hold
over half of all Congressional voting power, despite accounting for 22% of the 230
BABY BOOMERS
U. S. population.
144
On the flip side, Millennials are highly underrepresented, holding only 6% of GEN X

Congress seats despite being similar in population to Boomers.

By 2022 , the oldest members of Gen Z will turn 2 5 , meeting the minimum age
requirement to get elected to the House of Representatives, according to the
House
Constitution. With Gen Z’s entr y into the playing field, will the composition of
Congress change in the nex t few years? Or will the status quo remain? 27
SILENT GEN 31
MILLENNIALS

Population vs Congress
Population (%) 11 1
BABY BOOMERS GEN X MILLENNIALS SILENT GEN MILLENNIALS

SILENT GEN
Yo u n g e s t S e n a t o r
68
7.6% 21.8% 19.9% 22.0% BABY BOOMERS Senate JON OSSOFF (GA), 3 6YO

7.0% 56.0% 31.0% 6.0% 20

GEN X

Congress (%)

S o u r c e s : P e w R e s e a r c h C e n t e r, B r o o k i n g s GENERATIONAL POWER INDEX / 21

 POLITICAL POWER APPENDIX

BAL ANCE OF POWER

STATE VS FEDERAL
The different branches of government
Here’s a closer look at each generation’s These char ts show the generational breakdown in
three different branches of government–executive,
p o w e r, a t t h e s t a t e v e r s u s f e d e r a l l e v e l legislative, and judicial.
of government . EXECUTIVE
e.g. The President's Cabinet and state
governors, etc.
State power breakdown Federal power breakdown
100% 100%
SILENT GEN SILENT GEN

BABY BOOMERS BABY BOOMERS

75% 75% L E G I S L AT I V E

e.g. Members of House of Representatives

and Senate, etc.
50% 50%

GEN X GEN X
25% 25%

MILLENNIALS MILLENNIALS JUDICIAL

0% 0%

EXECUTIVE L E G I S L AT I V E JUDICIAL EXECUTIVE L E G I S L AT I V E JUDICIAL

e.g. U.S. Supreme Court Justices, etc.

At the state level, the legislative branch shows the most Federally, the executive Pete Buttigieg is the only Millennial
generational diversity, with Millennials accounting for 13%. branch skews the youngest– on the federal cabinet, and is the first
38% are Gen X or younger. openly LGBTQ+ cabinet member in
U.S. history.

GENERATIONAL POWER INDEX / 22

 CULTURAL POWER APPENDIX

POWER
CULTURAL

In the smar tphone era, the

pathway to cultural influence
looks a lot different than it
did a few decades ago.

GENERATIONAL POWER INDEX / 23

 CULTURAL POWER APPENDIX

CULTURAL 6.1%
GEN Z
8.8%
SILENT GEN

PO W ER
Cultural variables by generation
23.9%
MILLENNIALS
2% 8% 22% 47% 22%
D I G I TA L

25.1%
P L AT F O R M S

19% 55% 23% 2% BABY BOOMERS

FILM AND TV

15% 38% 32% 15%

BOOKS

14% 26% 24% 22% 15%

SPORTS

25% 40% 30% 5%

ART

6% 23% 28% 40% 3%

CELEBRIT Y

3% 19% 38% 33% 7%

MUSIC AND
RADIO

PRESS AND
7% 29% 58% 6%
36.0%
GEN X
NEWS MEDIA Gen X dominates the
Culture category, with
Millennials gaining ground
in a number of areas.
GENERATIONAL POWER INDEX / 24
Note: Percentages may not total 100 due to rounding.
 CULTURAL POWER APPENDIX

CULTURAL Time spent per day with digital vs traditional media in the U.S.

POWER
500 MINS

TRADITIONAL MEDIA

I N T H E DIG I TA L AG E

Gen X rules the cultural kingdom for 400

now. But this generation falls short

in one critical category—digital.
Digital media is becoming an increasingly important
part of day-to-day life for many U.S. consumers — in 2020,
Americans spent almost 8 hours a day on their connected
devices, an hour more than they did in 2019.

This shift from traditional to digital media could have

300
far-reaching consequences on the ways that culture is
cultivated. It could transform the public sphere, redefine
the notion of celebrity, and completely abolish traditional
gatekeepers, who used to decide which cultural narratives
were worth listening to.

With all these changes set in motion, culture as we

know it has reached a critical juncture. Gen X’s digital
shortcomings could cost them their cultural dominance
in the near future. D I G I TA L M E D I A
200
S o u r c e : e M a r k e t e r, S t a t i s t a 2012 2014 2016 2018 2020 2022P

GENERATIONAL POWER INDEX / 25

 CULTURAL POWER APPENDIX

T H E F LO O D G AT E S A R E O P E N

REDEFINING CELEBRITY
Currentl y, many of social media’s Daily time spent using social media Estimated influencer marketing spend
most popular people are also Global Global
conventional celebrities . $13.8B
$14B
2H 25M 2H 25M
2H 22M
From soccer players to pop icons, these t ypes of social media 2H 15M
$12B
stars use their online platforms as supplemental avenues for 2H 08M
self-promotion. In other words, social media isn’t their primar y
source of cultural influence. 1H 51M $9.7B $10B

But other social media icons have risen to fame exclusively

through their online channels—people like Swedish YouTuber $8B
PewDiePie, or seven-year-old vlogger Nast ya, have gained
$6.5B
online traction solely through self-published content.
$6B
Why is this important? Because as consumers spend more time
$4.6B
on social media, marketers spend more money tr ying to grab
their attention. Whether someone is a conventional celebrit y $4B
$3.0B
or YouTuber makes no difference, so long as they’re a viable
pathway to a brand’s target demographic. $1.7B $2B

$0
Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 2016 2017 2018 2019 2020 2021

GENERATIONAL POWER INDEX / 26

 APPENDIX

SUMMARY 38.6%
BABY BOOMERS
30.4%
GEN X

Baby Boomers wield the most power

of any generation—for now.

As wealth is passed on to children, younger

generations move into political positions,
and digital media continues to gain ground,
the power dynamic is constantly shifting.
Will it be Gen X or Millennials who
eventually move into the top spot ?
14.5%
MILLENNIALS

12.8%
SILENT GEN

3.7%
GEN Z

17.6% 43.4% 26.2% 9.6% 3.3%

The share of power E CO N O M I C P O W E R

by category
12.1% 47.4% 29.0% 10.0% 1.6%

POLITICAL POWER

8.8% 25.1% 36.0% 23.9% 6.1%

C U LT U R A L P O W E R

Note: Percentages may not total 100 due to rounding.

 APPENDIX

METHODOLOGY To build the generational power breakdown for each of these

The Visual Capitalist Generational Power Index (GPI) is designed
to measure the amount of influence each generation has over society.
We divided power into 3 key categories:
variables, our team collected the latest available data during
March-April 2021. All of the data we gathered is from publicly
available sources, such as government websites and industr y
rankings.
Geographically, our data is primarily U.S. based. Global data
was used for metrics we determined to have cross-border
reach, such as social media influencers. It was also used in
cer tain instances where U.S. data was not available.

H o w we d e fi n e d g e n e r a t i o n s
Generational definitions are not universal. Since our repor t
primarily uses U. S. data, we used the most-widely cited
Western definitions used by institutions such as the Pew
Research Center and the U. S. Federal Reser ve.

However, it ’s wor th noting that other definitions exist. This

is par ticularly evident in Eastern countries that have faced
different political, socioeconomic , and cultural events.

E CO N O M I C POLITICS C U LT U R E

GENERATIONAL POWER INDEX / 28

 APPENDIX

METHODOLOGY
How we calculated power
A number of equally-weighted variables feed into the
three categories of Cultural, Political, and Economic Power.

POLITICS VOTER DISTRIBUTION POLITICAL SPENDING FEDERAL POSITIONS S T AT E P O S I T I O N S LOCAL POSITIONS

The percentage of U.S. voters in The top donors to U.S. campaigns, The members of the U.S. Cabinet, House The U.S. governors, Senate majority The U.S. mayors and city council
Each of these five variables make up each generation as well as the CEOs of the top and Senate members, and U.S. Supreme leaders*, House speakers, and Supreme members of the top 25 most
20% of Political Power in our index organizations lobbying U.S. Court Justices Court chief justices for each state populated U.S. cities
government by spending *Some states do not have a senate majority leader, in
which case the senate president was used instead.

OVERALL ECONOMICS NET WORTH EARNINGS BILLIONAIRE WEALTH BUSINESS LEADERS

POWER
The percent of U.S. household U.S. median weekly The total wealth of the top S&P 500 CEOs and U.S. small
Each of these four variables make up wealth held by each generation earnings by generation U.S. billionaires business owners
25% of Economic Power in our index

CULTURE D I G I T A L P L AT F O R M S FILM & TV BOOKS SPORTS ART CELEBRITY MUSIC & RADIO NEWS & MEDIA

Each of these eight variables make up The top social media
12.5% of Cultural Power in our index influencers, as well as U.S.
social media users by age
The directors of The authors of best- The world’s richest The world’s top The world’s highest paid The world’s highest paid The most influential people in
the highest-grossing selling books as athletes (including artists by auction celebrities and most musicians, Grammy award U.S. news, as well as the CEOs
U.S. box office movies, ranked by the New retired individuals), revenue and most influential people winners, musicians on the of the top U.S. news companies
as well as Oscar and York Times and U.S. sports franchise influential artists Billboard 100, as well as the by market capitalization
Emmy winners Amazon owners, global sports highest earning and most
viewership by age, listened to podcasters in
and U.S. professional the U.S.
athletes

GENERATIONAL POWER INDEX / 29

 APPENDIX

METHODOLOGY
How we handled data anomalies

If we were not able to find the age of a person, they were excluded from our calculations.
For groups that made industr y ranking lists, we took the average age of the group’s
members to determine their generation.

Deceased people were included in cultural calculations as their work “lives on”, but
were replaced by their sur viving spouse for other categories such as political spending. H o w yo u ca n co n t r i b u t e
If individuals were on multiple lists, such as highest earning and most listened to
podcasters, we included them in both calculations as each is a distinct form of power. This inaugural version of the GPI is a star ting place that we
look for ward to building upon in the coming years. If you
have data or ideas that you believe would be helpful for
measuring generational power in future versions, please
Lastly, for age-based data that didn’t match up with our generational definitions, we took email us at info@visualcapitalist.com.
a weighted average of the relevant age brackets. Here’s an example for weekly earnings:

AGE BR ACKET M E D I A N W E E K LY E A R N I N G S G E N E R AT I O N A G E B R A C K E T M E D I A N W E E K LY E A R N I N G S
FROM SOURCE FROM SOURCE FOR GPI FOR GPI

25-34 $909
$972
Millennials, aged 25-40 (909 x 10/16 years
+ $1,078 x 6/16 years)
35-44 $1,078

GENERATIONAL POWER INDEX / 30

 APPENDIX

COLL ABOR ATORS

E DITOR RESE ARCH CO N T RI BU T I N G AU T H O RS DESIGN
JEFF DESJARDINS JENNA ROSS Politics NICK ROUTLEY Managing Editor and Author MELISSA HAAVISTO Creative Director
Editor-in-Chief and Founder, Visual Capitalist
ARAN ALI Economics RAUL AMOROS Author CLAYTON WADSWORTH Jr. Art Director

MARCUS LU Economics CARMEN ANG Author ROSEY EASON Graphic Designer, Concept Art

DOROTHY NEUFELD Culture IMAN GHOSH Author JENNIFER WEST Graphic Designer, Concept Art

OMRI WALLACH Culture AVERY KOOP Author CHRISTINE SHIELS Developer

MARKETING

A special thank you to the team members who helped fact check , research, design, LOUISE STODDART Communications Manager
organize, and much more in the production of the first annual Generational Power
MICHELLE TAKENAKA Digital Marketing Specialist
Index Repor t, as well as the rest of the ever-growing Visual Capitalist team for
their suppor t during its creation. AURELIA ARITANTO Digital Marketing Specialist

GENERATIONAL POWER INDEX / 31

 APPENDIX

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2021
PO W ER INDE X
GENERATIONAL