Finance and Economics Discussion Series: Accessible versions of figures for 2026-007

Inequality in Comprehensive Wealth

Accessible version of figures

Figure 1: Average annualized comprehensive wealth (ACW) at age 61-70, by cohort
Notes: Annuitized wealth includes DB pensions, Social Security, annuities, and transfers. Retirement accounts are included in financial wealth. "Other" includes life insurance, vehicles, and businesses. "Wage" is the PV of expected earnings through age 65. Data come from the 1998–2022 waves of the HRS.

cohort annuitized housing financial other wage
Silent & Older (b. 1945 and before) 35.828 18.087 21.261 6.469 4.484
Early Boomers (b. 1946-1954) 36.2 17.757 30.129 4.987 6.294
Late Boomers (b. 1955-1964) 30.478 18.513 31.483 6.976 10.72

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Figure 2: Average annualized comprehensive wealth (ACW) by age and cohort
Notes: Annuitized wealth includes DB pensions, Social Security, annuities, and transfers. Retirement accounts are included in financial wealth. "Other" includes life insurance, vehicles, and businesses. "Wage" is the PV of expected earnings through age 65. Data come from the 1998–2022 waves of the HRS.

cohort age annuitized housing financial other wage
Silent & Older (b. 1945 and before) 51-55 24.672 8.999 10.313 5.48 30.509
Silent & Older (b. 1945 and before) 56-60 29.376 12.67 17.93 5.078 21.207
Silent & Older (b. 1945 and before) 61-65 35.145 17.988 19.653 6.716 7.661
Silent & Older (b. 1945 and before) 66-70 36.361 18.164 22.514 6.277 2.008
Silent & Older (b. 1945 and before) 71-75 35.14 21.204 26.168 6.364 0.908
Silent & Older (b. 1945 and before) 76-80 33.53 26.785 32.288 7.265 0.499
Silent & Older (b. 1945 and before) 81-85 33.001 34.1 41.555 8.828 0.245
Silent & Older (b. 1945 and before) 86-90 30.642 35.675 50.274 8.659 0.114
Silent & Older (b. 1945 and before) >90 26.4 42.786 69.179 6.766 0.09
Early Boomers (b. 1946-1954) 51-55 24.343 11.854 13.229 4.967 37.237
Early Boomers (b. 1946-1954) 56-60 29.333 15.187 20.556 5.535 23.668
Early Boomers (b. 1946-1954) 61-65 34.35 15.238 24.97 4.605 9.485
Early Boomers (b. 1946-1954) 66-70 38.153 20.417 35.577 5.39 2.923
Early Boomers (b. 1946-1954) 71-75 38.497 25.065 42.625 6.624 1.251
Early Boomers (b. 1946-1954) 76-80 40.353 33.11 42.404 12.541 0.372
Late Boomers (b. 1955-1964) 51-55 21.658 9.814 14.129 5.547 36.26
Late Boomers (b. 1955-1964) 56-60 24.287 12.217 22.075 6.459 25.873
Late Boomers (b. 1955-1964) 61-65 29.865 17.786 31.088 7.174 11.719
Late Boomers (b. 1955-1964) 66-70 35.287 24.22 34.579 5.417 2.882

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Figure 3: Average annualized comprehensive wealth (ACW) by education and race/ethnicity
Notes: Race/ethnicity groups are not mutually exclusive. Annuitized wealth includes DB pensions, Social Security, annuities, and transfers. Retirement accounts are included in financial wealth. "Other" includes life insurance, vehicles, and businesses. "Wage" is the PV of expected earnings through age 65. Data come from the 1998–2022 waves of the HRS.

education race/ethnicity annuitized housing financial other wage
<HS Hispanic 16.468 5.439 1.254 0.502 1.513
<HS Not Hispanic 23.368 6.973 4.653 2.976 1.826
<HS Black 21.563 3.791 1.732 0.8 1.277
<HS White 22.357 7.815 4.765 3.163 1.926
HS & Some College Hispanic 25.283 10.464 7.236 2.912 4.594
HS & Some College Not Hispanic 33.538 13.874 17.294 5.275 5.219
HS & Some College Black 28.857 6.406 6.351 2.135 4.018
HS & Some College White 34.009 14.889 18.533 5.727 5.384
College Degree+ Hispanic 34.431 25.033 32.526 6.401 10.461
College Degree+ Not Hispanic 44.983 31.382 56.184 9.204 10.5
College Degree+ Black 38.849 13.806 19.577 3.197 8.143
College Degree+ White 45.596 32.342 58.92 9.916 10.67

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Figure 4: Median annualized comprehensive wealth (ACW) by age and cohort
Notes: The figure shows median ACW by five-year age bucket for the Silent and older generation, Early Boomers, and Late Boomers. The recession bands indicate the age buckets covering the 25th to 75th percentiles of age for each cohort during the years 2008-2012. Data come from the 1998–2022 waves of the HRS.

age Silent & Older (b. 1945 and before) Early Boomers (b. 1946-1954) Late Boomers (b. 1955-1964)
51-55 63.213 70.358 62.578
56-60 61.49 66.773 60.484
61-65 58.564 63.613 64.477
66-70 56.3 66.8 70.303
71-75 56.444 70.718  
76-80 58.681 71.931  
81-85 63.427    
86-90 63.815    
>90 66.58    

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Figure 5: Median annualized comprehensive wealth (ACW) by age and cohort
Notes: The figure shows median ACW by year for the Silent and older generation, Early Boomers, and Late Boomers. The recession band indicates the years 2008-2012. Data come from the 1998–2022 waves of the HRS.

year Silent & Older (b. 1945 and before) Early Boomers (b. 1946-1954) Late Boomers (b. 1955-1964)
1998 50.221 67.918  
2000 51.917 69.199  
2002 54.158 71.213  
2004 60.886 72.345  
2006 62.11 66.478  
2008 60.781 71.499 69.786
2010 60.115 63.837 66.564
2012 60.131 61.528 59.492
2014 64.449 64.669 62.823
2016 68.793 66.458 60.503
2018 69.672 67.114 59.574
2020 74.911 68.859 63.794
2022 77.459 69.211 63.055

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Figure 6: Median ACW by cohort and wealth bracket.
Notes: The figure plots median ACW by age for the Silent & Older generation, Early Boomers, and Late Boomers, disaggregated by wealth bracket. Data come from the 1998–2022 waves of the HRS.

age wealth_bracket Silent & Older (b. 1945 and before) Early Boomers (b. 1946-1954) Late Boomers (b. 1955-1964)
51-55 Bottom 10% 8.183 5.498 4.202
51-55 Middle 40% 42.981 42.134 39.798
51-55 Top 10% 162.359 159.452 174.013
56-60 Bottom 10% 7.932 6.507 5.699
56-60 Middle 40% 42.655 44.652 43.657
56-60 Top 10% 164.039 169.488 187.212
61-65 Bottom 10% 9.717 7.048 6.094
61-65 Middle 40% 45.339 46.624 47.192
61-65 Top 10% 186.13 191.121 206.434
66-70 Bottom 10% 10.649 10.117 9.186
66-70 Middle 40% 48.613 51.579 48.705
66-70 Top 10% 217.886 229.833 215.415
71-75 Bottom 10% 12.235 12.016  
71-75 Middle 40% 54.528 56.23  
71-75 Top 10% 272.772 261.068  
76-80 Bottom 10% 13.745 14.96  
76-80 Middle 40% 63.909 63.998  
76-80 Top 10% 341.153 402.94  
81-85 Bottom 10% 15.901    
81-85 Middle 40% 80.177    
81-85 Top 10% 442.337    
86-90 Bottom 10% 17.649    
86-90 Middle 40% 107.178    
86-90 Top 10% 586.907    
>90 Bottom 10% 20.391    
>90 Middle 40% 151.878    
>90 Top 10% 1018.014    

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Figure 7: Median ACW by cohort and education
Notes: The figure plots median ACW by five-year age bucket for the Silent & Older generation, Early Boomers, and Late Boomers, disaggregated by education group.

age education Silent & Older (b. 1945 and before) Early Boomers (b. 1946-1954) Late Boomers (b. 1955-1964)
51-55 <High School 22.624 25.9 23.73
51-55 College 105.109 113.654 107.678
51-55 High School 59.591 62.552 52.589
56-60 <High School 26.747 22.647 21.392
56-60 College 111.776 110.743 110.488
56-60 High School 59.103 58.349 49.67
61-65 <High School 27.546 20.945 21.461
61-65 College 106.473 110.145 115.14
61-65 High School 56.866 53.221 53.396
66-70 <High School 26.886 19.915 23.012
66-70 College 103.504 125.086 110.214
66-70 High School 54.849 55.166 52.981
71-75 <High School 27.456 23.722  
71-75 College 110.095 134.585  
71-75 High School 55.826 57.178  
76-80 <High School 29.761 20.563  
76-80 College 120.689 152.93  
76-80 High School 57.94 55.447  
81-85 <High School 32.248    
81-85 College 135.089    
81-85 High School 64.101    
86-90 <High School 30.934    
86-90 College 142.117    
86-90 High School 68.208    
>90 <High School 35.337    
>90 College 137.403    
>90 High School 74.218    

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Figure 8: Median ACW by cohort and race and ethnicity
Notes: The figure plots median ACW by age bucket for the Silent & Older generation, Early Boomers, and Late Boomers, disaggregated by race and ethnicity (Black and White; Hispanic and Not Hispanic). Data come from the 1998–2022 waves of the HRS.

age race/ethnicity Silent & Older (b. 1945 and before) Early Boomers (b. 1946-1954) Late Boomers (b. 1955-1964)
51-55 Black 41.194 39.793 40.366
51-55 White 68.209 76.415 69.378
51-55 Hispanic 30.665 38.89 29.427
51-55 Not Hispanic 65.43 73.577 68.158
56-60 Black 35.456 38.098 34.726
56-60 White 66.218 74.439 69.842
56-60 Hispanic 30.235 32.626 28.836
56-60 Not Hispanic 64.361 70.742 66.586
61-65 Black 34.451 32.255 33.543
61-65 White 62.707 70.964 74.694
61-65 Hispanic 29.021 27.202 28.64
61-65 Not Hispanic 61.535 67.191 70.55
66-70 Black 29.637 32.533 33.938
66-70 White 60.404 75.933 84.961
66-70 Hispanic 26.054 24.472 29.113
66-70 Not Hispanic 59.055 70.858 76.937
71-75 Black 29.827 35.592  
71-75 White 60.721 80.041  
71-75 Hispanic 25.098 25.81  
71-75 Not Hispanic 58.924 74.449  
76-80 Black 29.665 37.756  
76-80 White 63.221 82.057  
76-80 Hispanic 25.825 34.952  
76-80 Not Hispanic 61.087 75.434  
81-85 Black 28.804    
81-85 White 68.087    
81-85 Hispanic 22.745    
81-85 Not Hispanic 65.929    
86-90 Black 27.024    
86-90 White 69.795    
86-90 Hispanic 20.699    
86-90 Not Hispanic 67.008    
>90 Black 24.183    
>90 White 72.485    
>90 Hispanic 21.246    
>90 Not Hispanic 70.522    

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Figure 9: Household returns by ACW group
Notes: The figure depicts the average real household return for each survey year in the 1998–2022 waves of the HRS for the bottom 10 percent of households, the middle 40–60 percent, the top 10 percent, and the sample as a whole.

year mean_hh_returnBottom_10 mean_hh_returnMiddle_40_60 mean_hh_returnTop_10 mean_hh_returnWhole_sample
1998 0.01 0.031 0.097 0.037
2000 0.005 -0.001 -0.035 -0.006
2002 0.006 0.015 0.012 0.012
2004 0.008 0.023 0.032 0.022
2006 0.001 0.009 0.029 0.01
2008 -0.011 -0.035 -0.062 -0.035
2010 -0.003 0.004 0.029 0.008
2012 0.009 0.043 0.109 0.047
2014 0.005 0.022 0.047 0.023
2016 0.008 0.033 0.088 0.039
2018 0.005 0.024 0.066 0.029
2020 0.014 0.058 0.132 0.062
2022 -0.002 -0.016 -0.038 -0.017

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Figure 10: Household returns by education
Notes: The figure depicts the average real household return for each survey year in the 1998–2022 waves of the HRS for households whose heads had less than a high school degree, a high school degree, a college degree, and for the sample as a whole.

year mean_hh_returnCollege mean_hh_returnHigh_school mean_hh_returnLess_than_HS mean_hh_returnWhole_sample
1998 0.062 0.037 0.018 0.037
2000 -0.019 -0.005 0.005 -0.006
2002 0.013 0.012 0.012 0.012
2004 0.026 0.021 0.017 0.022
2006 0.018 0.009 0.003 0.01
2008 -0.045 -0.033 -0.025 -0.035
2010 0.016 0.006 -0.003 0.008
2012 0.071 0.041 0.02 0.047
2014 0.033 0.02 0.012 0.023
2016 0.057 0.034 0.016 0.039
2018 0.043 0.024 0.011 0.029
2020 0.088 0.053 0.031 0.062
2022 -0.027 -0.014 -0.007 -0.017

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Figure 11: Household returns by race
Notes: The figure depicts the average real household return for each survey year in the 1998–2022 waves of the HRS for households with White, Hispanic, and Black household heads.

year mean_hh_returnBlack mean_hh_returnHispanic mean_hh_returnWhite mean_hh_returnWhole_sample
1998 0.011 0.013 0.041 0.037
2000 0.005 0.004 -0.007 -0.006
2002 0.01 0.011 0.012 0.012
2004 0.013 0.017 0.023 0.022
2006 0.003 0.002 0.011 0.01
2008 -0.021 -0.025 -0.037 -0.035
2010 0.001 -0.002 0.009 0.008
2012 0.023 0.019 0.052 0.047
2014 0.015 0.012 0.025 0.023
2016 0.021 0.018 0.043 0.039
2018 0.015 0.013 0.032 0.029
2020 0.039 0.033 0.068 0.062
2022 -0.01 -0.008 -0.02 -0.017

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Figure 12: Predicted trajectory of median ACW
Notes: The figure plots the age trajectory of ACW using the marginal estimates of a set of age dummies from a quantile fixed effects regression that includes controls for bequest expectations, inheritance expectations, subjective life expectancy (relative to actuarial expectations), out-of-pocket medical expenditures, household fixed effects, and year effects. Data come from the 1998–2022 waves of the HRS.

age_bin acw lower bound upper bound
51–60 63.826 56.527 72.067
61–65 62.379 55.826 69.701
66–70 62.925 56.608 69.947
71–75 65.128 58.359 72.683
76–80 68.304 60.473 77.148
81–90 73.866 63.857 85.445

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Figure 13: Trajectory of median ACW, by education
Notes: The figure plots the age trajectory of ACW using the marginal estimates of a set of age dummies interacted with education categories from a quantile fixed effects regression that includes controls for bequest expectations, inheritance expectations, subjective life expectancy (relative to actuarial expectations), out-of-pocket medical expenditures, household fixed effects, and year effects. Data come from the 1998–2022 waves of the HRS.

age_bin acw_College lower_bound_College upper_bound_College acw_High_school lower_bound_High_school upper_bound_High_school acw_Less_than_HS lower_bound_Less_than_HS upper_bound_Less_than_HS
51–60 107.927 96.28 120.983 56.955 51.759 62.674 25.162 24.03 26.347
61–65 105.6 94.613 117.862 55.147 50.358 60.39 25.325 23.695 27.066
66–70 107.922 96.913 120.181 55.467 50.734 60.642 25.269 23.665 26.981
71–75 112.948 101.391 125.823 57.413 52.5 62.787 25.828 24.127 27.649
76–80 122.089 109.318 136.353 59.83 54.586 65.577 26.7 24.826 28.715
81–90 137.255 122.17 154.202 65.013 58.991 71.65 27.732 25.558 30.09

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Figure 14: Trajectory of median ACW, by race
Notes: The figure plots the age trajectory of ACW using the marginal estimates of a set of age dummies interacted with race categories from a quantile fixed effects regression that includes controls for bequest expectations, inheritance expectations, subjective life expectancy (relative to actuarial expectations), and out-of-pocket medical expenditures. Data come from the 1998–2022 waves of the HRS.

age_bin acw_Black lower_bound_Black upper_bound_Black acw_White lower_bound_White upper_bound_White
51–60 37.936 17.317 83.105 71.222 62.395 81.298
61–65 35.767 16.383 78.085 70.264 62.084 79.522
66–70 34.553 15.869 75.235 71.618 63.605 80.641
71–75 36.883 16.881 80.583 73.775 65.237 83.431
76–80 37.59 17.152 82.38 77.913 67.974 89.306
81–90 38.461 17.314 85.439 85.183 72.398 100.225

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Figure 15: Trajectory of median ACW, by ethnicity
Notes: The figure plots the age trajectory of ACW using the marginal estimates of a set of age dummies interacted with ethnicity categories from a quantile fixed effects regression that includes controls for bequest expectations, inheritance expectations, subjective life expectancy (relative to actuarial expectations), out-of-pocket medical expenditures, household fixed effects, and year effects. Data come from the 1998–2022 waves of the HRS.

age_bin acw_Hispanic lower_bound_Hispanic upper_bound_Hispanic acw_NonHispanic lower_bound_NonHispanic upper_bound_NonHispanic
51–60 31.02 25.252 38.105 68.307 64.718 72.095
61–65 31.589 25.807 38.666 66.315 63.087 69.708
66–70 32.373 26.488 39.564 66.771 63.668 70.025
71–75 33.697 27.499 41.292 69.072 65.744 72.569
76–80 35.122 28.497 43.286 72.478 68.614 76.559
81–90 36.048 28.957 44.876 78.686 73.697 84.012

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Figure 16: Inequality measures by age and cohort
Notes: The figure depicts four measures of inequality in annualized comprehensive wealth across survey years. Clockwise from top left: Gini coefficient, Theil index, top 10 percent share, and 90–10 ratio. Data come from the 1998–2022 waves of the HRS.

(a) Gini Coefficient

age Silent & Older (b. 1945 and before) Early Boomers (b. 1946-1954) Late Boomers (b. 1955-1964)
51-55 0.415 0.437 0.477
56-60 0.455 0.477 0.501
61-65 0.487 0.466 0.502
66-70 0.489 0.501 0.49
71-75 0.5 0.518  
76-80 0.527 0.545  
81-85 0.566    
86-90 0.581    
>90 0.621    


(b) Theil Index

age Silent & Older (b. 1945 and before) Early Boomers (b. 1946-1954) Late Boomers (b. 1955-1964)
51-55 0.296 0.347 0.414
56-60 0.454 0.578 0.459
61-65 0.533 0.399 0.459
66-70 0.475 0.472 0.405
71-75 0.478 0.537  
76-80 0.544 0.551  
81-85 0.711    
86-90 0.687    
>90 0.761    


(c) Share Held by the Top 10%

age Silent & Older (b. 1945 and before) Early Boomers (b. 1946-1954) Late Boomers (b. 1955-1964)
51-55 0.292 0.315 0.338
56-60 0.342 0.353 0.361
61-65 0.376 0.337 0.365
66-70 0.373 0.368 0.342
71-75 0.381 0.391  
76-80 0.407 0.415  
81-85 0.444    
86-90 0.448    
>90 0.488    


(d) 90-10 ratio

age Silent & Older (b. 1945 and before) Early Boomers (b. 1946-1954) Late Boomers (b. 1955-1964)
51-55 20.606 27.302 35.576
56-60 24.087 33.932 39.921
61-65 26.923 25.139 35.615
66-70 26.547 30.313 29.242
71-75 26.917 33.465  
76-80 31.576 33.812  
81-85 40.942    
86-90 48.304    
>90 65.877    

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Figure 17: Inequality measures over HRS survey years
Notes: The figure depicts four measures of inequality in annualized comprehensive wealth across survey years. Clockwise from top left: Gini coefficient, Theil index, top 10 percent share, and 90–10 ratio. Data come from the 1998–2022 waves of the HRS.

year gini_coef theil_ind top10shr ratio9010
1998 0.492 0.551 0.384 26.667
2000 0.486 0.484 0.373 26.76
2002 0.498 0.53 0.384 26.982
2004 0.511 0.538 0.396 30.146
2006 0.495 0.48 0.376 30.323
2008 0.508 0.553 0.389 31.64
2010 0.492 0.475 0.368 30.34
2012 0.49 0.473 0.367 28.788
2014 0.515 0.642 0.392 33.676
2016 0.51 0.499 0.379 33.128
2018 0.538 0.604 0.408 40.735
2020 0.519 0.506 0.387 36.689
2022 0.533 0.532 0.396 41.024

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Figure 18: Average annualized comprehensive wealth (ACW) composition by wealth bracket, education, and race/ethnicity.
Notes: The bars in the top panel show the average composition of ACW for respondents aged 61-70 by wealth category for the bottom 10 percent holders of wealth, the middle 40 percent, and the top 10 percent. The bars in the second panel show the composition by education group, and the bars in the bottom panel show the composition by race and ethnicity (White, Black, Non-Hispanic, and Hispanic). Data come from the 1998-2022 waves of the HRS.

education, and race/ethnicity.          
category annuitized housing financial other wage
Black 0.702 0.117 0.039 0.042 0.099
White 0.516 0.172 0.189 0.049 0.074
Hispanic 0.659 0.192 0.032 0.036 0.082
Not Hispanic 0.532 0.163 0.178 0.049 0.077
<High School 0.732 0.16 0.023 0.037 0.048
College 0.405 0.185 0.276 0.048 0.085
High School 0.572 0.157 0.141 0.049 0.081
Bottom 10% 0.745 0.163 -0.143 0.076 0.16
Middle 40% 0.587 0.171 0.129 0.041 0.072
Top 10% 0.284 0.197 0.363 0.072 0.084

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