Millennials' net worth has quadrupled, as the unlucky generation holds $16 trillion. But there's a catch— 'phantom wealth'

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• Millennials, the generation with the largest wealth divide, saw financial gains—but only the ones lucky enough to own a home.

Millennials—the generation plagued by the Great Recession and old photos of them wearing business casual to the club—might just find that their luck is turning around. The cohort is reaching financial milestones at a faster pace than researchers from the St. Louis Federal Reserve expected, having looked at the generation history and how other generations fared when around the same age.