Fed Data: About 14% of US Households Aged 65+ Hold $1 Million or More in Financial Assets

About one in seven U.S. households headed by someone 65 or older holds $1 million or more in financial assets, according to Investopedia's analysis of the Federal Reserve's 2022 Survey of Consumer Finances, released as the most recent edition. Marriage, a college degree and homeownership sharply raise the odds of reaching that threshold. Roughly 22% of married or partnered retiree households hold at least $1 million, versus 7% of single households. Among college graduates, 31% clear the mark, compared with 4% of those who stopped after high school. Homeowners hit 18%, versus 3% of renters. The advantages compound: 4% of households with one of the three traits hold $1 million, rising to 13% with two and 41% with all three. That last group is about one in five retiree households but nearly three in five millionaires. Roughly 58% of millionaire retirees received an inheritance or substantial gift, versus 32% of other households. Home equity is excluded from the $1 million threshold.