Seniors 55 and older are still the wealthiest. The Federal Reserve’s Survey of Consumer Finances (SCF) recently reported that the median net worth of US Americans “jumped 37% to $192,900 and mean net worth increased 23% to $1,063,700 between 2019 and 2022.” This growth in net worth “was the largest three-year increase over the history of the modern SCF, more than double the next-largest one on record,” according to the report – published in the fall of last year. Growth was experienced across all age groups. According to experts, the rise in net worth was, to some extent, attributable to higher levels of savings during the pandemic. As noted, “average” numbers are higher than data relating to the “median,” as the average number is affected by the uber-wealthy and those numbers raise the average dramatically. At any rate, here is the latest data, from the SCF report:

• Under 35: $39,000 (median); $183,500 (average)
• 35-44: $135,600 (median); $549,600 (average)
• 34-54: $247,200 (median); $975,800 (average)
• 55-64: $364,500 (median); $1,566,900 (average)
• 65-74: $409,000 (median); $1,794,600 (average)
• 75+: $335,600 (median); $1,624,100 (average)

The largest growth came from the under-35 group. The wealthiest group were the 65 to 74-year-olds, reflecting a lifetime of savings. After age 75, with a significant percentage of the population enjoying retirement, the numbers decrease.