Older Americans have seen their wealth rise tremendously in recent years, while other age groups have not been as lucky, according to a new paper.
Over a recent 40-year period, between 1983 to 2022, the relative household wealth of those now ages 75 years and older has “sharply risen” while the wealth of all other age groups has declined, New York University Economist Edward Wolff wrote in a new paper. The Americans whose wealth has outpaced all other generations are a part of the older Baby Boomers group, or those born before 1950.
Wolff used the Federal Reserve’s Survey of Consumer Finances to compare two age groups — 35 years and