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The wealthy boomer problem is metastasizing - they got 38% richer over the last 3 years as Gen Z and millennials under 35 got wiped out
Fortune • • business
Key Points:
- The Federal Reserve’s Survey of Consumer Finances shows a sharp wealth divide by age: median net worth for households headed by someone 75 or older rose 38% from 2022 to 2025, while it fell 23% for those under 35, both inflation-adjusted.
- Americans aged 55 and older now hold about $140 trillion, roughly three-quarters of the nation’s net worth, with the oldest households having about 15 times the wealth of the youngest, up from 9 times three years earlier.
- Yale professor Samuel Moyn argues this concentration of wealth among older Americans creates an “oldigarchy” that disproportionately influences the economy and politics, reserving power and resources for later life, which he views as unfair and problematic.
- The younger generation’s wealth decline is linked to lower homeownership rates and asset composition, with many under 35 lacking significant investments and facing challenges like a tough job market and unaffordable housing.
- The growing wealth gap has political implications, as economic frustrations among younger voters, especially young men, may influence shifting political allegiances, with Moyn connecting these trends to broader societal tensions over generational inequality.
