American households aged 75 and older now hold the nation’s highest median net worth at $504,900, according to Federal Reserve data released Friday. The triennial survey reveals a widening wealth divide, as surging stock markets enriched older and affluent Americans while debt delinquency rates climbed to levels not seen since the Great Recession.
The triennial Survey of Consumer Finances released by the Federal Reserve charts a period of moderate economic expansion and elevated inflation from 2022 to 2025. While inflation-adjusted median family income rose 7% to $82,200 and overall net worth ticked up 2% to $215,900, the gains bypassed millions of younger and lower-income families according to the Fed data. The report captures an economy shaped by a tight job market, aggressive interest rate hikes designed to tame inflation, and a booming stock market that disproportionately benefited asset owners. Among indebted families, 19.6% reported being late on a loan payment during the preceding year, up from 12.2% in 2022.
Older Americans Reach Wealth as Market Gains Favor Asset Owners
Families headed by someone aged 75 or older experienced a 37% jump in median net worth, reaching $504,900 and overtaking households aged 65 to 74 for the top wealth spot reported by the Associated Press. The oldest demographic accounts for about 13.4% of U.S. families, making it the smallest U.S. age group, while families led by people under 35 are the largest, accounting for about one in five households.
The broader surge in wealth was heavily driven by equity markets. The S&P 500 climbed about 78% between the end of 2022 and 2025 highlighted by Newser. Participation in the stock market remained accessible primarily to the affluent, with 97% of the highest-income households owning stocks directly or indirectly, compared with just 31% of families in the bottom half detailed by Yahoo Finance.
In contrast, younger generations struggled. Typical households headed by someone under 35 saw their median net worth plunge 23% to $33,000, driven largely by a drop in business equity gains stated in Federal Reserve findings. Meanwhile, the median net worth of the richest 10% of American families soared 31% to $3.6 million reported by CBS News, while Yahoo Finance noted that inflation-adjusted median wealth for that top tier rose from $4.15 million to $4.94 million.
Mounting Debt Stress and Rising Delinquencies Across Households
Despite asset growth at the top, financial distress deepened for a significant segment of the population. The share of American families behind on loan payments at the end of 2025 climbed to nearly 20%, up from about 12% in 2022 reported by Quartz.
That timeline places current delinquency rates at heights not seen since the aftermath of the Great Recession, which ran from December 2007 to June 2009 detailed by CNBC. Families behind on bills by two months or more accelerated from 5% in 2022 to over 8% noted by the New York Post.
The data also captured the toll of aggressive interest rate hikes deployed by the central bank reported by Axios. Average credit card interest rates climbed from 14.6% to 21.4% noted by Yahoo Finance. Families dedicating more than 40% of their income to debt repayments jumped to 8.6%, the highest level since 2013 reported by regional news.
Lower Earners Gain Purchasing Power as Top Incomes Fall
The Survey of Consumer Finances offered a complex picture of income distribution. While wealth gaps widened, income inequality saw a slight decrease reported by CNBC. Lower-earning workers experienced larger percentage gains in purchasing power during the post-pandemic inflation due to an exceptionally tight job market, whereas average real income for families in the top 10% fell 14% to $652,000 detailed by Axios. Fed researchers noted that top earners often rely on volatile sources like capital gains and business income, creating outsized movements in averages explained in the survey.
Corporate earnings reports released alongside the Fed data showed a bifurcated consumer base. American Express reported that its affluent cardholders continued strong spending with a 9% rise in purchases and a stable write-off rate of 2%, while Walmart noted that global revenue rose 5.9% but U.S. comparable sales grew just 2.6% as shoppers faced gasoline prices climbing above $4 a gallon reported by Yahoo Finance.