Wealth distribution by age groups

See Reflections on Americans’ Net Worth by Bryan Caplan. Excerpt:

"I’ve been an economics professor for almost 30 years, but I don’t think I’ve ever before seen anything like the table below. I knew that claims that “58% of Americans can’t afford a $1,000 car repair” were laughable clickbait. I knew that — measured by income — the middle class is disappearing… by becoming upper-middle class. But only recently did I start to fully appreciate the chasm between populist pessimism and actual data on Americans’ net worth. From the 2022 Survey of Consumer Finances: 

 

"Main reflections:

1. Economists have long known that inequality is relatively low for consumption, medium for income, and high for wealth. What they rarely emphasize, however, is how much wealth depends on age. The richest Americans aged 65-69 are worth about 30x as much as the richest Americans aged 18-24.

2. Net worth is very high in absolute terms. The median is over six figures by the mid-30s. Americans at the 75th percentile are millionaires by their mid-50s. Americans at the 90th percentile are millionaires by around 40. Claims about middle-class, middle-aged Americans who “can’t afford” eggs or gas or beef are nonsense.

3. The most sensible argument for worrying about trade deficits is that we’re “living beyond our means.” Trade deficits represent borrowing, and we can’t keep borrowing forever. But given Americans’ extraordinary net worth, the most sensible argument for worrying is still senseless. After 50 years of unbroken trade deficits, we’re wealthier than ever."

  

Related posts: 

Did median wealth in the U.S. fall nearly 20% from 2020-2025? (2026)

Americans Have $35 Trillion in Housing Wealth—and It’s Costing Them (higher property and capital gains taxes and less college financial aid): Surging home equity is all the more important in a declining stock market. But it’s come with rising property taxes and higher hurdles for borrowing. (2025) 

Never Mind the 1%. Mini-Millionaires Are Where Wealth Is Growing Fastest. Many people in the upper middle class are now millionaires thanks to college, savings, bull markets and timing (2023)

The share of wealth held by the top 5% of households drops from about 72% down to 45% when pension wealth & Social Security benefits are included (2021)

Most Americans Got Richer During Covid-19 Pandemic (2021)

Who are the richest people in the world?  (2014) 

What has happened to the distribution of wealth in recent years? (2011)

Millionaires Are Regular Folks (2007)