Here’s How Fast Americans’ Net Worth Is Growing at Every Age

For many people, the pandemic felt financially disastrous — and while that suffering was real, new federal data shows some more positive parts of the picture.

The Federal Reserve releases an analysis of family income and credit every three years, known as the Survey of Consumer Finances. The newest version, which accounts for inflation, covers a period spanning from 2019 to 2022.

“The COVID-19 pandemic severely disrupted society and economic activity,” the new report acknowledges. But the survey still found “broad-based improvements in U.S. family finances over this period, particularly with respect to net worth.”

Overall, median net worth increased by 37%. But that increase was not consistent from group to group. Following is a look at how fast net worth has grown in each age group. Note that the report refers to family units, and the reference person used to place couples in an age group is the man in a mixed-sex couple and the older individual in a same-sex couple.

Under age 35

Median net worth of families in this age group as of:

• 2019: $16,100
• 2022: $39,000 (143% increase)

Median income of families in their age group as of:

• 2019: $56,400
• 2022: $60,500 (7% increase)

Those under age 35 during this period are younger millennials or members of Gen Z. As members of the group just starting out in their careers, it’s little surprise their net worth grew at the fastest rate, even if it is not by the largest amount.

Ages 35-44

Median net worth of families in this age group as of:

• 2019: $105,900
• 2022: $135,600 (28% increase)

Median income of families in their age group as of:

• 2019: $86,200
• 2022: $85,900 (0% decrease)

Older millennials and younger members of Gen X had stagnant income over the past few years. Their net worth collectively continued to rise, however, likely on the merit of investment growth.

Ages 45-54

Median net worth of families in this age group as of:

• 2019: $195,400
• 2022: $247,200 (27% increase)

Median income of families in their age group as of:

• 2019: $90,200
• 2022: $91,900 (2% increase)

Older members of Gen X, too, had little growth in income during the survey period — but enough to keep pace with inflation. This age bracket is the one traditionally thought to include the peak-earning years. Net worth for Gen X continued to grow steadily.

Ages 55-64

Median net worth of families in this age group as of:

• 2019: $246,300
• 2022: $364,500 (48% increase)

Median income of families in their age group as of:

• 2019: $73,700
• 2022: $81,900 (11% increase)

The younger baby boomers, sometimes called Generation Jones, had an impressive run during the survey period: Their median net worth grew by nearly half. Incomes also rose, putting these folks in a good position approaching retirement.

Ages 65-74

Median net worth of families in this age group as of:

• 2019: $308,800
• 2022: $409,900 (33% increase)

Median income of families in their age group as of:

• 2019: $58,100
• 2022: $60,900 (5% increase)

Older baby boomers, while not seeing the same gains as the younger cohort, also did quite well between 2019 and 2022. Median net worth grew by a third, and in absolute terms this age bracket has the highest net worth.

Ages 75 and up

Median net worth of families in this age group as of:

• 2019: $295,400
• 2022: $335,600 (14% increase)

Median income of families in their age group as of:

• 2019: $49,900
• 2022: $49,100 (2% decrease)

Those age 75 or older include the oldest baby boomers and those who lived through a World War. This group also increased their net worth over the three-year period, despite being at an age where many are spending from their hard-earned nest egg and fewer are working. Folks in this group are of an age where they generally must make required minimum distributions from many types of retirement accounts.