The State of U.S. Wealth Inequality

October 22, 2024

The State of U.S. Wealth InequalityThe State of U.S. Wealth Inequality replaces the Real State of Family Wealth, a product launched in 2020. presents a timely look at average, inflation-adjusted wealth for various demographic groups. The St. Louis Fed’s Institute for Economic Equity provides quarterly data on racial, generational and educational wealth inequality based on average U.S. household wealth.Average wealth estimates are much higher than median wealth estimates and therefore are more representative of wealthier families’ experiences. However, median (i.e., the middle of the distribution) data on household wealth aren’t available on a quarterly basis. See our latest data on median wealth gaps by demographic group. Knowing the current state of wealth inequality sheds light on opportunities to foster a more equitable economy where everyone can thrive.

These estimates reveal the size of the wealth gaps between different demographic groups and identify which groups have the fewest resources. Knowing the magnitude of these gaps over time is an important step toward understanding why these differences persist and what actions might close them. Expanding the opportunity to build wealth to all families creates the potential for greater economic equity.

Key Takeaways

For the second quarter of 2024 (through June 30):

How much wealth inequality is there in the U.S.?

  • The top 10% of households by wealth had $6.9 million on average. As a group, they held 67% of total household wealth.
  • The bottom 50% of households by wealth had $51,000 on average. As a group, they held only 2.5% of total household wealth.

What is the current generational wealth gap?

  • Younger Americans (millennials and Gen Zers) owned $1.33 for every $1 of wealth owned by Gen Xers at the same age.Wealth holdings of younger Americans are for households headed by someone born in 1981 or later. This group comprises households from two generations: millennials and Gen Zers. In future releases, wealth holdings will be broken out for each of these generations once the underlying data allow us to do so. Returning readers may notice that quarterly estimates of average wealth published before the third quarter of 2023 showed that younger Americans had lower wealth than older generations at similar ages. A Survey of Consumer Finances data release in October 2023 resulted in significant backward revisions in the Distributional Financial Accounts, and updated estimates of the wealth levels of younger Americans were significantly higher than prior estimates. Our currently published estimates take this into account. See the methodology section for greater details regarding the Distributional Financial Accounts.
  • Younger Americans (millennials and Gen Zers) owned $1.32 for every $1 of wealth owned by baby boomers at the same age.

What is the current racial wealth gap?

  • Black families owned about 23 cents for every $1 of white family wealth, on average.
  • Hispanic families owned about 19 cents for every $1 of white family wealth, on average.

What is the current wealth gap by household education?

  • Families headed by someone with some college education (but no four-year degree) had 30 cents for every $1 of wealth held by families headed by a four-year college graduate.
  • Families headed by someone with a high school diploma had 22 cents for every $1 of wealth held by families headed by a four-year college graduate.
  • Families headed by someone with less than a high school diploma had 9 cents for every $1 of wealth held by families headed by a four-year college graduate.

Despite increased volatility, average wealth grew for all groups over the past five years (including during the COVID-19 pandemic). Wealth gains partially eroded starting in 2022 as economic headwinds (e.g., inflation, the expiration of pandemic-related support) put pressure on household finances. That said, average wealth outcomes as of the second quarter of 2024 remain elevated relative to prepandemic levels.


To visualize these data in detail, click on the headings below.


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Figures and data show average wealth for Black, Hispanic and white households.

Figures and data show average household wealth by generation: baby boomers, Gen Xers and millennials/Gen Zers.

Figures and data show average household wealth by level of completed education: no high school diploma, high school diploma, some college, and at least a four-year college degree.

About the Authors
Ana Hernández Kent
Ana Hernández Kent

Ana Hernández Kent is a senior researcher with the Institute for Economic Equity at the Federal Reserve Bank of St. Louis. Her research interests include economic disparities and the role of systemic biases and historical factors in wealth outcomes. Read more about Ana’s research.

Ana Hernández Kent
Ana Hernández Kent

Ana Hernández Kent is a senior researcher with the Institute for Economic Equity at the Federal Reserve Bank of St. Louis. Her research interests include economic disparities and the role of systemic biases and historical factors in wealth outcomes. Read more about Ana’s research.

Lowell Ricketts
Lowell R. Ricketts

Lowell R. Ricketts is a data scientist for the Institute for Economic Equity at the Federal Reserve Bank of St. Louis. His research has covered topics including the racial wealth divide, growth in consumer debt, and the uneven financial returns on college educations. Read more about Lowell’s research.

Lowell Ricketts
Lowell R. Ricketts

Lowell R. Ricketts is a data scientist for the Institute for Economic Equity at the Federal Reserve Bank of St. Louis. His research has covered topics including the racial wealth divide, growth in consumer debt, and the uneven financial returns on college educations. Read more about Lowell’s research.

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Views expressed are not necessarily those of the St. Louis Fed or Federal Reserve System.

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