Study: Richest of the Rich Tend to be Over 80

Chris Gaetano
Published Date:
Aug 23, 2017

While there are plenty of young wealthy people, recent IRS data has found that, for the most part, the richest of the rich tend to be people 80 years and older, according to Bloomberg. While in terms of sheer numbers these people are in the strict minority, the IRS Personal Wealth Index found that they control far more assets than those under 50. The data came from the IRS Personal Wealth Study, which examines all U.S. persons subject to the federal estate tax, so those with $5.5 million or more, so 584,000 Americans. This group has a combined net worth of $6.9 trillion. Those in their 80s and 90s, 0.2 percent of the U.S. population, control $1.2 trillion, while those under 50, which is 43 percent of the population, control a little over $1 trillion. Wealthy people in their 80s, also, have the highest average net worth of any age bracket, said Bloomberg, partly because they have less than half as much debt than those under 60, in terms of percentage of total assets. 

Click here to see more of the latest news from the NYSSCPA.