The Federal Reserve released their wealth distribution data for Q2 of 2023 and it has some very interesting charts and data.
The Federal Reserve breaks down wealth distribution into five groups.
- Top 0.1% – controls $18.77 trillion
- Top 1% – controls $27.85 trillion
- Top 10% – controls $58.61 trillion
- Mid 50%-90% – controls $49.80 trillion
- Bottom 50% – controls $9.78 trillion
Wealth Distribution By Generation
According to the Federal Reserve, the Baby Boomer generation has the bulk of the wealth followed by Generation X with Millennials at the bottom. It’s no surprise that the older groups have more wealth as wealth typically builds over time. I imagine most of the Boomer wealth will eventually be passed on to Gen X then Millenials over time as Baby Boomers die off.
Wealth Distribution By Education
The most interesting graph, to me, is the wealth breakdown by education. Clearly, having a college education leads to far greater wealth than little or no college education. If there were ever a poster for education this graph should be it. I’m not sure why this isn’t posted in every school room across America but it certainly should be!
There are also different breakdowns by other factors such as race and age but those are a bit depressing to view. If you want to check out the charts and tables you can find them here.