The Wealth Migration of Young Americans: Exploring Net Worth and Preferred Destinations

Americans under 35 saw a significant increase in their median net worth, rising by 142% from $16,100 to $39,000 between 2019 and 2022, according to the Federal Reserve's Survey of Consumer Finances. However, many young people lack assets that contribute to their net worth, with less than 40% owning a home. In contrast, Americans aged 65 to 74 have the highest median net worth, reaching $409,900, likely due to homeownership and accumulated wealth over time. Building wealth involves investing, which allows money to grow faster through compounding interest. Financial experts recommend starting with low-cost index mutual funds or exchange-traded funds for diversification and long-term wealth accumulation.