Wealth takes time to build, so it is no surprise that wealthy people tend to be older. The average age of high networth individuals depends on how you define the group and who did the survey, but most studies land in a range from the late fifties to the early sixties. Here is what the data suggests and why.
What surveys report
Wealth research firms and banks have published studies of affluent households over the years. Findings differ with each survey and each definition of high net worth, but many place the typical age of a household with a net worth of one million dollars or more in the late fifties to early sixties. For ultra high net worth individuals, those with thirty million dollars or more, the average age is often a little older, in the early to mid-sixties, according to industry reports. Treat these as rough ranges, not exact figures.
Why wealthy people are older
Time and compounding
Saving and investing for decades allows money to grow. Early savings have the most time to compound, so households that begin early tend to reach higher levels later in life.
Peak earning years
Income usually peaks in the forties and fifties, and the savings from those years add to the pile just before retirement.
Home equity and business value
Mortgages are paid off over time, raising home equity, and business owners often sell or take profits late in a career.
Inheritance
Wealth passes between generations later in life, typically when heirs are themselves in middle age.
Average age of high networth individuals: the exceptions
- Young founders. A small number of entrepreneurs and athletes reach high net worth in their twenties and thirties, through a company sale, a stock listing or a big contract.
- Technology and finance. These sectors have produced younger millionaires than average in some regions.
- Inheritors. People who inherit early have high net worth much younger.
What the age pattern means for the rest of us
- Start early if you can. The first decade of saving matters more than most people think.
- Do not panic if you start late. Higher income and fewer expenses later in life can help, and people often accelerate savings once children leave home.
- Stay invested. The late-career gains come from years of leaving money to grow.
Differences across countries
In regions with fast-growing economies, such as parts of Asia, the wealthy are on average younger, because the wealth was created recently by entrepreneurs. In older, established economies, such as Western Europe and North America, a larger share of wealth belongs to older households and inherited fortunes.
How to read the statistics carefully
- Check how the survey defined high net worth.
- Look at whether the figure is an average or a median.
- Note the date and the country.
For further context, see our guide to what counts as a high net worth and our look at average net worth at 30. The Capgemini World Wealth Report is published at capgemini.com.
How the age pattern shows up in the Fed data
The Federal Reserve’s Survey of Consumer Finances tells a consistent story: median net worth rises with age until the early retirement years and then flattens or declines as people begin to spend their savings. In the 2022 survey, the highest median net worth was for households headed by someone aged sixty-five to seventy-four. The share of households with a net worth over one million dollars is also far higher in older age groups than among people under forty, which fits the survey figures on wealthy households.
What changes in retirement
After retirement, wealthy households often shift from saving to spending, gifting and estate planning, which changes how their assets are held. Some give to children earlier, or set up trusts and charitable funds, so the age at which wealth peaks can differ from the age at which it is passed on.
One more caution: averages blend very different groups. A fifty-year-old business owner and a seventy-year-old retiree with a paid-off home can both be high net worth, and the average age tells you nothing about how they got there.
The short answer
The average age of high networth individuals is usually reported as the late fifties to early sixties, because wealth builds over decades. Exceptions exist, but time is the most common ingredient.
Figures are approximate and vary by survey. This is general information, not financial advice.
