Even as more young people entered the top 0.1 percent, most of their Millennial and Generation X compatriots were struggling. Americans 75 and older are the only age group whose median net worth rose from 2007 to 2016, according to the Federal Reserve Survey of Consumer of Finances released in July 2018. Typical Americans age 35 to 54 saw their wealth—heavily concentrated in housing—plunge by more than 41 percent in that time frame.
Meanwhile, the richest Americans are using complex estate planning techniques to transfer wealth to their children, grandchildren, and beyond. Ninety-one percent of investors with $25 million or more keep assets in a trust, Spectrem found, and half have three or more trusts set up.
Charity is getting less attention. Although nearly 200 of the world’s richest people have signed the Giving Pledge, the Spectrem survey suggests the typical rich person is much less generous, at least so far. Of respondents with at least $25 million, just 15 percent give away $100,000 or more annually.
This article was provided by Bloomberg News.