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Wealth Inequality by Age in the Post‑Pandemic Era

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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.

Suggested Citation

  • Benjamin Lahey & Rajashri Chakrabarti & Natalia Emanuel, 2024. "Wealth Inequality by Age in the Post‑Pandemic Era," Liberty Street Economics 2024027b, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:97735
    Note: Editor’s note: Since this post was first published, percentages cited in the first paragraph have been corrected. (February 7, 1pm)
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    File URL: https://libertystreeteconomics.newyorkfed.org/2024/02/wealth-inequality-by-age-in-the-post-pandemic-era/
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    File URL: https://newyorkfed.org/medialibrary/media/research/blog/2024/LSE_2024_age-wealth-inequality_chakrabarti_data
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    File URL: https://newyorkfed.org/medialibrary/media/research/blog/2024/LSE_2024_wealth-inequality-Net-Worth-by-Race-and-Age
    File Function: Net Worth by Race and Age data
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    File URL: https://newyorkfed.org/medialibrary/media/research/blog/2024/LSE_2024_wealth-inequality-pensions-data
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    File URL: https://newyorkfed.org/medialibrary/media/research/blog/2024/LSE_2024_age-wealth-inequalities_equitiesfunds_data
    File Function: Equities and Mutual Funds by Age data
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    More about this item

    Keywords

    inequality; age; COVID-19; COVID-19 pandemic; wealth;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • G1 - Financial Economics - - General Financial Markets
    • J00 - Labor and Demographic Economics - - General - - - General

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