Choosing the correct form of encryption will always be a game with moving goalposts. Encryption algorithms and associated transport protocols are found to have weaknesses or computing flaws as new power becomes available to brute force the hard math that encryption is generally built upon.
We are now stepping into the next stage of cryptography for both personal and enterprise level wireless networks. WPA3 is the latest evolution in the family and offers several unique features that address known issues with its predecessors that may allow it to stand the test of time.
Before addressing its new developments, it is important to have some concept of the history of Wi-Fi encryption. It all started with WEP (Wired Equivalent Privacy) in 1999: a form of encryption that's name explains its sole purpose. WEP provides the same level of security that you would get through an Ethernet connection. This method did not last very long; POC breaches were available by 2001, and by 2005, WEP was considered trivially hackable.
Thus, in 2003, WPA (Wi-Fi Protected Access) was born. WPA provides a better software security component for Wi-Fi enabled devices, but it had a fundamental flaw. In order to be deployed to existing hardware that was built for WEP, WPA's encryption was initially TKIP (Temporal Key Integrity Protocol): an algorithm designed for backward comparability with such hardware. TKIP was ultimately found to be similarly ineffective. Even when using the newer AES crypto instead of TKIP, WPA still has weaknesses—one of which is a sister protocol for making the configuration of devices to work with an access point easier. Exploiting WPS is one of the most popular ways for WPA to be breached.
In 2006, the current, state-of-the-art WPA2 arrived. WPA2 migrated the best of both worlds by updating the software and hardware components. AES must be available, but TKIP can be used as a fall back. Direct attacks against WPA2 are obscure and require that you already have access to gain unauthorized further access.
The biggest problem with WPA2 is that it still supports WPS which can be breached in a few hours.