Wealth of Americans Under 40 Surges by 80% Since Pandemic, NY Fed Reports

Despite significant gains, younger generations still trail far behind older Americans in overall wealth accumulation.

Americans under 40 experienced an 80% increase in wealth between Q1 2019 and Q3 2023, largely due to investments in equities and mutual funds.
While younger Americans' wealth grew, they still hold a fraction of the nation's wealth compared to older generations.
Racial wealth inequality has deepened, with Black households seeing a decline in total wealth since 2019.
The pandemic-era stimulus checks and savings opportunities contributed to the wealth surge among younger generations.
Despite the wealth increase, younger Americans face growing consumer debt, with a notable rise in delinquencies.