Fed survey: Americans aged 75 and older are the wealthiest age group

WASHINGTON (AP) — Households headed by someone aged 75 or older are now the wealthiest in America thanks to steady stock market gains, according to a Federal Reserve report released Friday. The youngest households, meanwhile, have seen their wealth decline over the past three years.

The results of the Fed’s Survey of Consumer Finances, conducted every three years, show that strong stock market gains since the last survey in 2022 have made wealthier American households even richer. According to the survey, the median net worth of the top 10 percent of households rose 31 percent between 2022 and 2025, reaching $3.6 million. The median is the midpoint between the wealthiest and the poorest households.

The median net worth of households headed by someone aged 75 or older rose slightly from $367,000 in 2022 to roughly $505,000. Three years ago, households aged 65 to 74 were the wealthiest group. All figures are adjusted for inflation.

The mean net worth of the same age group rose 10 percent to $1.96 million. The mean being much higher than the median indicates that a few very wealthy households pull the overall figure upward.

The median net worth of households under 35 fell 23 percent from 2022 to $33,000.

Overall, the survey found broad income gains even after adjusting for inflation, which narrowed income inequality somewhat compared with three years ago. Incomes of higher-earning households actually declined, which the Fed said is likely due to a drop in business income, which can be volatile.

According to the Fed, median household income rose about 7 percent between 2021 and 2024 to nearly $82,000. The survey measures income for the year before the survey period covered by the report. The middle fifth of households saw the largest income gains, while the top fifth reported lower incomes.

Nevertheless, the share of Americans struggling with debt payments and falling behind on them has risen sharply. This reflects the impact of high inflation and interest rates on lower-income Americans.

According to the report, about 20 percent of U.S. households said in 2025 that they had missed loan payments in the previous year, up from 12.2 percent in 2022. The share of households spending 40 percent or more of their income on debt payments rose to 8.6 percent, the highest in 12 years.