For millions of families in the United States, wealth has increased slightly in recent years, but for older Americans, it has increased significantly.
People 75 and older now make up the wealthiest group in the United States, according to the Federal Reserve’s Survey of Consumer Finances. The survey, released every three years, finds that the median net worth of families in the United States, adjusted for inflation, increased by 2% to $215,900 between 2022 and 2025.
But among the 75 and older cohort, their median net worth increased 37% to $505,000, up from $367,000 in 2022.
Families under 35, meanwhile, saw their median net worth plunge 23% to $33,000.
As Mark Zandi, Moody’s chief economist, told Yahoo Finance: “The baby boomers are here!” »
“The oldest of the great baby boomer generation have reached the 75-and-older age bracket, and the rising stock market has benefited older Americans more because they have more of their wealth in retirement accounts,” he said.
Wealth inequalities in the spotlight
This is not surprising news given America’s long-standing patterns of wealth inequality.
“Overall, wealth inequality appears to have changed little since 2022,” according to the Fed study. “These wealth shifts have largely reinforced existing patterns of wealth inequality across family characteristics.”
Groups that generally have less wealth — young people, renters and people without a high school diploma — have seen their wealth decline in the years since the pandemic.
Families that already had more wealth, whether due to age or higher income, saw some of the biggest gains.
One reason: families with higher incomes tend to save more, which helps increase their wealth even further.
“Net worth tends to increase and then stabilize (or decrease) over the life cycle, reflecting changes in saving behavior that occur with age, as individuals save for retirement throughout their working careers and then spend those savings in retirement,” according to the report.
It’s important to note that a variety of other factors besides age come into play, including education, race, and whether you’ve built up equity in a home.
For example, when the head of household had a college degree, they had a median income 1.9 times that of people with a college degree and almost three times the median net worth.
Stocks and Home Values Increase Americans’ Net Worth
It makes sense that many older baby boomers who bought homes and stocks decades ago have seen the value of their assets appreciate.
Between the start of 2022 and the end of 2025, the S&P 500 gained approximately 52.41% on a total return basis (including reinvested dividends).
For home-owning families, median home equity (home value minus debt) increased from $218,900 in 2022 to $230,000 in 2025, according to the Federal Reserve report.
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