WASHINGTON, D.C. — Baby Boomers have accumulated more wealth than previous generations of older Americans, though the gains are concentrated among college-educated households, according to new analysis from the Pew Research Center.
In 2022, the typical U.S. household headed by a Baby Boomer — then ages 58 to 76 — had a median net worth of $432,200, adjusted to 2024 dollars. By comparison, households headed by similarly aged members of the Silent Generation had a median wealth of $335,900 in 2001, while those in the Greatest Generation had $185,300 in 1983.
Altogether, Boomer households held about $77 trillion in wealth in 2022, with the top 10% controlling 71% of that total. Researchers said this underscores how wealth within the generation is heavily concentrated.
Education plays a major role in those disparities. In 2022, Boomer households headed by someone with at least a bachelor’s degree had a median net worth of more than $1 million. That figure was higher than the wealth of college-educated households in earlier generations, adjusted for inflation.
However, Boomers without a four-year degree did not see similar gains. Households headed by Boomers with some college but no bachelor’s degree had a median net worth of $330,500 in 2022 — significantly lower than similarly educated older households in 2001.
The findings align with broader economic research showing that wages and long-term earning power for workers without a four-year degree have declined in recent decades, limiting their ability to build wealth.
While Baby Boomers are the wealthiest generation of older Americans in total dollars, Pew researchers noted that much of that wealth reflects the size of the generation and the financial gains among its most educated members.
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