Americans 75 and older now the wealthiest US households, Fed survey finds

Older households pull ahead

A government report released on Friday, 9 October, shows that households with a member aged 75 or older are now the wealthiest in the United States. The figures come from the Federal Reserve's Survey of Consumer Finances, which is conducted every three years and whose latest edition covers 2025. The median net worth of these households rose from a little over $367,000 in 2022 to just under $505,000 in 2025. In the previous survey, households aged 65 to 74 had been the richest group. The survey links the gains to robust stock market performance.

Wealth gap between generations

Households at the top gained the most over the period. Among the richest 10% of American families, median net worth rose 31% to $3.6 million between 2022 and 2025. The median family saw its net worth rise by only 2% over the same span. Families headed by someone aged 35 or younger reported a median net worth of $33,000, a decline of 23% compared with 2022. Families in the bottom 40% of income also saw their net worth decline slightly, so the youngest households lost ground while the richest gained.

Income gains and narrower inequality

The survey found broad income gains even after adjusting for inflation. The median American family's income rose 7% in inflation-adjusted terms between 2021 and 2024, a comparison that reflects the income questions covering the preceding calendar year. The average real income of families in the top 10% of earners fell 14%, to $652,000 from $757,000 in 2025 dollars, which narrowed income inequality. Median household income rose about 7% since 2022 to around $82,000. Federal Reserve researchers note in a footnote that top earners depend on volatile sources, mainly capital gains and business income, which can move the averages sharply.

Debt strain rises

The share of households struggling with debt grew over the same period. The share of families whose debt payments take at least 40% of income rose to 8.6% from 6.5%, the highest level in at least twelve years. The median debt payment-to-income ratio rose 2 percentage points from 2022 to 2025, reaching 15.4%. Just under 20% of households reported paying a loan installment late in the preceding year, compared with 12.2% in 2022. The survey ties these pressures to the Federal Reserve's rate hikes in 2022 and 2023, which were meant to bring inflation under control.