Discussion Paper

Wealth Inequality by Age in the Post‑Pandemic Era


Abstract: Following our post on racial and ethnic wealth gaps, here we turn to the distribution of wealth across age groups, focusing on how the picture has changed since the beginning of the pandemic. As of 2019, individuals under 40 years old held just 4.9 percent of total U.S. wealth despite comprising 37 percent of the adult population. Conversely, individuals over age 54 made up a similar share of the population and held 71.6 percent of total wealth. Since 2019, we find a slight narrowing of these wealth disparities across age groups, likely driven by expanded ownership of financial assets among younger Americans.

Keywords: inequality; age; COVID-19; COVID-19 pandemic; wealth;

JEL Classification: D63; G1; J00;

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File(s): File format is application/vnd.ms-excel https://newyorkfed.org/medialibrary/media/research/blog/2024/LSE_2024_age-wealth-inequality_chakrabarti_data
Description: Chart data

File(s): File format is application/vnd.ms-excel https://newyorkfed.org/medialibrary/media/research/blog/2024/LSE_2024_wealth-inequality-Net-Worth-by-Race-and-Age
Description: Net Worth by Race and Age data

File(s): File format is application/vnd.ms-excel https://newyorkfed.org/medialibrary/media/research/blog/2024/LSE_2024_wealth-inequality-pensions-data
Description: Pension data

File(s): File format is application/vnd.ms-excel https://newyorkfed.org/medialibrary/media/research/blog/2024/LSE_2024_age-wealth-inequalities_equitiesfunds_data
Description: Equities and Mutual Funds by Age data

Authors

Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2024-02-07

Number: 2024027b

Note: Editor’s note: Since this post was first published, percentages cited in the first paragraph have been corrected. (February 7, 1pm)