FILE – The entrance to the New York Stock Exchange is pictured June 26, 2024, in New York. (AP Photo/Peter Morgan, File)
WASHINGTON – Families led by someone age 75 or older have become the wealthiest in the United States, fueled by sustained stock market gains. Meanwhile, households headed by the youngest adults lost wealth over the past three years, according to a government report released Friday.
The Federal Reserve’s Survey of Consumer Finances highlights how the market’s strong performance has widened the fortunes of affluent Americans since the previous survey in 2022. The median net worth for the richest 10% of families climbed 31%, reaching $3.6 million by 2025. The median represents the midpoint of all households ranked from lowest to highest.
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The survey also reported widespread, inflation-adjusted income growth, helping narrow income inequality slightly. At the same time, more Americans faced burdensome debt payments or fell behind on their bills. The increase points to the lingering financial pressure that years of sharply higher inflation have placed on lower-income households.
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