Study: Young Rich Getting Rare

The super-rich are getting old, fast.

“From Silicon Valley, with its parade of 20-something and 30-something billionaire whiz kids, to farther east, where Gen X hedge fund titans like William A. Ackman and Kenneth C. Griffin are paying record prices for real estate, portraits of American wealth today are often wrinkle-free.

Yet new research shows that despite their high profile, the young rich are a minority and the wealthy as a group are actually getting older. A study by Edward Wolff, a wealth expert and economics professor at New York University, found that the median age of the wealthiest 1 percent of Americans increased to 63 in 2013 (the latest year available) from 58 in 1992.

People 65 to 74 accounted for almost a third of the wealthiest 1 percent in 2013 — up from 19 percent in 2001.” [READ MORE]