As the oldest Baby Boomers turn 80 this year, many people are taking stock of how this generation has impacted American life.
One fact is clear: They’ve accumulated more wealth ($85 trillion by some accounts) than previous generations of older Americans.
The median wealth of Baby Boomer households is higher than earlier generations of older adults
Median wealth of U.S. households headed by 58- to 76-year-olds, in 2024 dollars
Note: All figures are rounded to the nearest hundred.
Source: Pew Research Center analysis of the 1983, 2001 and 2022 Surveys of Consumer Finances.
PEW RESEARCH CENTER
The median wealth of Baby Boomer households is higher than earlier generations of older adults
Median wealth of U.S. households headed by 58- to 76-year-olds, in 2024 dollars
| Generation | Median wealth |
|---|---|
| Baby Boomers in 2022 | $432,200 |
| Silent Generation in 2001* | $335,900 |
| Greatest Generation in 1983* | $185,300 |
Note: All figures are rounded to the nearest hundred.
Source: Pew Research Center analysis of the 1983, 2001 and 2022 Surveys of Consumer Finances.
PEW RESEARCH CENTER
In 2022, the typical (median) household headed by a Baby Boomer had a net worth of $432,200. That year, Baby Boomers were 58 to 76 years old. By comparison, the median wealth of 58- to 76-year-olds in 2001 (who were mostly members of the Silent Generation) was $335,900. In 1983, the typical wealth of households headed by someone in this age range (mostly members of the Greatest Generation) was $185,300. All numbers are in 2024 dollars.
But there’s more to the story. Baby Boomers’ wealth is not equally distributed. As is the case for other age groups, Boomers’ wealth is concentrated in a relatively small share of households.
In 2022, all Boomer households combined owned $77 trillion in wealth. The top 10% of Boomer households held 71% of that total wealth.
Baby Boomer households without a bachelor’s degree are not wealthier than prior generations of similarly educated older adults
Median wealth of U.S. households headed by 58- to 76-year-olds, in 2024 dollars
Note: All figures are rounded to the nearest hundred.
Source: Pew Research Center analysis of the 1983, 2001 and 2022 Surveys of Consumer Finances.
PEW RESEARCH CENTER
Baby Boomer households without a bachelor’s degree are not wealthier than prior generations of similarly educated older adults
Median wealth of U.S. households headed by 58- to 76-year-olds, in 2024 dollars
| Generation | Wealth | Education |
|---|---|---|
| Baby Boomers in 2022 | $77,200 | <HS grad |
| Silent Generation in 2001* | $125,100 | <HS grad |
| Greatest Generation in 1983* | $100,300 | <HS grad |
| Baby Boomers in 2022 | $239,800 | HS grad |
| Silent Generation in 2001* | $280,500 | HS grad |
| Greatest Generation in 1983* | $207,200 | HS grad |
| Baby Boomers in 2022 | $330,500 | Some college |
| Silent Generation in 2001* | $527,700 | Some college |
| Greatest Generation in 1983* | $363,600 | Some college |
| Baby Boomers in 2022 | $1,077,200 | Bachelor’s+ |
| Silent Generation in 2001* | $989,000 | Bachelor’s+ |
| Greatest Generation in 1983* | $605,200 | Bachelor’s+ |
Note: All figures are rounded to the nearest hundred.
Source: Pew Research Center analysis of the 1983, 2001 and 2022 Surveys of Consumer Finances.
PEW RESEARCH CENTER
Within generations, wealth tends to be strongly linked with education, and Boomers are no exception. In 2022, households headed by a Boomer with a bachelor’s degree or more education had a median wealth of $1,077,200. This is higher than the typical wealth of college-educated older Americans in the Greatest Generation, again adjusted for inflation. The difference between Boomers and older adults of the Silent Generation is not statistically significant.
But households headed by Boomers with less education do not have greater median wealth than earlier generations of similarly educated older adults.
In most instances, Boomer households with less education fare about the same as earlier similarly educated households. But households headed by a Boomer with some college education had a median net worth of $330,500 in 2022. This is lower than the median wealth of similarly educated households headed by an older adult in 2001 ($527,700).
This finding is in line with other research on economic outcomes for adults without a four-year degree. The wages of non-college-educated men have been declining for decades, which has affected these adults’ ability to accumulate wealth.
So, while Baby Boomers are the wealthiest generation of older Americans in history by trillions, this fact reflects the fortunes of college-educated Boomers and the relatively large number of Boomers and Boomer households.
Related: The oldest Baby Boomers turn 80 in 2026
