Young money: Americans under 40 are getting wealthier

Young money: Americans under 40 are getting wealthier

2/11/24 7:00PM

Young money

‍American adults under 40 have become a lot richer over the last 5 years — with recent rises attributed to a wave of pandemic investing that saw the cohort successfully enter into the world of stocks and shares. That’s according to quarterly data from the Federal Reserve Bank of New York released last week, which revealed that American 18- to 39-year-olds have seen their real (adjusted for inflation) wealth rise 75% since the start of 2019, far outpacing the growth rates of other age groups tracked by the NY Fed.

‍Generational gains

‍Older Americans are also making wealth gains; those aged 55 and over saw their riches grow 31% in the same period, while the 40-54 demographic notched the smallest gains at just 12%. Despite younger Americans seeing the fastest growth, the rise is all relative, and makes very little change in the overall make-up of wealth in America: the under-40s still account for less than 7% of the total $133 trillion national financial assets figure reported in Q3 2023. Conversely, those aged 55+ held over $97 trillion (~73%) of that wealth in the most recent quarter.

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