Baby boomers are becoming wealthier, while younger generations lag behind, Fed report finds

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FOX Business' Gerri Willis reports on a new Federal Reserve study which found more than 70% of the nation's wealth is owned by those over the age of 55.

Americans who fall into the Baby Boomer generation are becoming older, wiser and, apparently, wealthier – while younger generations are reportedly falling behind.

«Young persons who haven't had the time to save money and to buy a home, they are not seeing that same kind of increase in wealth. But [for] existing homeowners, it has been an absolute boon for them,» The Heritage Foundation economist E.J. Antoni told FOX Business’ Gerri Willis.

According to Federal Reserve data from Q3 2023, Americans over the age of 55 now own 72% of the nation’s wealth, with those above 70 holding 30% of all wealth while seeing the biggest gain over the past year at $3.57 trillion.

The aging population has also grown, with about 2.3 million more people over the age of 70 in the U.S. since 2019.

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Comparatively, the younger generations, including Gen X, millennials and Gen Z – all under the age of 55 – have faced stagnant growth, Fed data shows. The 25% of American households age 40 to 54 own just 20% of the nation's wealth, while folks under 40 get under 7%. Together, these two groups are 53.3% of all households, but just 27% of the wealth.

Americans over the age of 55 own 72% of the nation's wealth as of 2023 Q3, according to the Federal Reserve. (Getty Images)

Willis mentioned in her "Varney & Co." report Thursday that the strong stock market and rising housing valuations in the post-COVID era helped older Americans, but they have also had decades to reap the rewards of stock investment and homeownership.

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