Americans Over 70 Hold More Than 30% of the Country's Wealth

Looking at a longer period, the sharp increase in wealth for older people is even more pronounced. In 25 years, the aggregate wealth of Americas age 70 and older has risen six-fold to $43.3 billion. Over the same time period, the wealth of those under age 55 rose by about 2.5 times.

Older Americans also have been the beneficiaries of good timing with the stock market, despite recessions along the way. Since 2019, those age 70 and older have collectively gained about $5 trillion in equity gains.

Close to 38% of the nation’s corporate equities and mutual fund shares were held by people in that age group in the third quarter, the highest share on record in data going back to 1989.

And the gains continued for equity holders this quarter, as stocks rallied on the expectation that the U,S, central bank will start cutting interest rates in 2024.

The ultra rich in the country have helped boost the average equity holdings of people over 65 to about $1.8 million in 2022, according to separate data from the Fed.

The data is masking inequalities and the Covid-19 era has widened the divide between those who owned assets like a house and stocks pre-pandemic and those who didn’t. Millions of older Americans face hardship, with more than 1 in 10 over 65 in the U.S. living in poverty.

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