Americans Over 75 Pull Further Ahead in the Wealth Race as Under-35s Fall Behind

Families headed by someone aged 75 or older have moved further ahead of the national average in mean net worth since 1983, while those headed by someone under 35 have lost ground.

Economist Edward N. Wolff analyses the Federal Reserve's Survey of Consumer Finances (SCF) in a 2025 working paper for the National Bureau of Economic Research (NBER).

Mean net worth among families aged 75 and older rose from 5 per cent above the national average in 1983 to 55 per cent above it in 2022. For families headed by someone under 35, it fell from 21 per cent of the national mean to 16 per cent. Federal Reserve figures released on 9 October 2026 show a divergence in median net worth between 2022 and 2025.

Stocks, Housing and Lower Mortgage Debt Lifted Older Families' Relative Wealth

Stock holdings among families aged 75 and older rose from 56 per cent of average stock holdings across all families in 1989 to 347 per cent in 2022. Holdings include direct shares and investments through funds, IRAs and 401(k) plans.

Homeownership among the oldest group rose 11.5 percentage points, from 69 per cent in 1983 to 81 per cent in 2022. Their mortgage debt relative to home value fell from 21 per cent to 10 per cent between 1983 and 2010, remaining there through 2022 and leaving homeowners with a larger share of their homes' value as equity.

Younger Homeowners Carried More Mortgage Debt Relative to Home Values

Homeownership among families headed by someone under 35 stayed close to 39 per cent between 1983 and 2022, compared with a national rate of about 66 per cent in 2022.

Mortgage debt as a share of home value among younger families rose from 23 per cent in 1983 to 76 per cent in 2010 before easing to 57 per cent in 2022. That remained well above the 10 per cent recorded among families aged 75 and older.

Federal Reserve Data Show the Wealth Gap Widened Through 2025

The Federal Reserve's 2025 SCF found that median net worth among families with a reference person under 35 fell 23 per cent in real terms, from $42,700 in 2022 to $33,000 in 2025. Among families with a reference person aged 75 or older, it rose 37 per cent, from $367,300 to $504,900. All figures are in 2025 dollars.

The decline among younger families was primarily driven by the unwinding of private business equity gains between 2019 and 2022. Higher retirement account values were the main driver of the oldest group's increase, the Federal Reserve said. Across all families, real median net worth rose 2 per cent to $215,900.

The Survey Does Not Track the Same Families Over Time

The SCF captures different families over time. It does not follow the same participants throughout their lives. It cannot establish how much of the long-term shift reflects wealth accumulation within families and how much reflects generational differences.

The Federal Reserve also noted that the growing share of families with a reference person aged 75 or older could affect the latest comparison, while identifying retirement account values as the main driver of recent gains.

Mean net worth is an average that can be pulled higher by exceptionally wealthy families. Median net worth is the midpoint, with half of families above it and half below.

Wolff's research compares relative mean wealth through 2022. The latest Federal Reserve figures track median net worth through 2025. The findings show a widening gap between the oldest and youngest groups, not that every older family is wealthier than every younger one.