The faces of American wealth are grayer than ever before. A new analysis shows that America’s billionaire class is reaching historic levels of age concentration, with a record 36 billionaires now in their 90s and even a handful crossing into their late 90s and beyond. Nearly one in five of the nation’s wealthiest citizens are in their 80s or older, raising fresh questions about succession, inheritance, and the looming transfer of wealth to younger generations.
A Gilded Generation Holding On
The extraordinary longevity of American billionaires is not just about good health. It is also a reflection of how intertwined identity and enterprise have become for this elite group. Many continue to run or heavily influence their companies well into their 80s and 90s, refusing to fully step aside. Warren Buffett, 94, still presides over Berkshire Hathaway, while media mogul Rupert Murdoch only recently handed over control of his empire at 93.
These individuals came of age during the economic booms of the mid-20th century, leveraging post-war growth, deregulation, and globalization to amass fortunes. Their continued presence in boardrooms reflects both their resilience and a generational reluctance to let go of power.
The Slow Rise of Younger Billionaires
At the other end of the spectrum, “young” billionaires—defined as under 50—make up just 10% of the ultrawealthy club in the United States. Despite the rise of tech fortunes from Silicon Valley and crypto wealth from digital finance, younger billionaires remain a small minority compared to their much older peers.
Generational wealth-building has been slower for millennials and Gen Z. Rising interest rates, higher barriers to entry in real estate, and slower wage growth relative to inflation have widened the gap between the self-made young rich and those set to inherit wealth.
The Great Wealth Transfer
Experts estimate that over the next two decades, more than $70 trillion will be passed down from aging baby boomers and the Silent Generation to their heirs. This “Great Wealth Transfer” will reshape not only individual fortunes but also the structure of the American economy. For millennials—many of whom came of age during the Great Recession and are now battling the cost-of-living crisis—the promise of inheritance is a defining financial factor.
However, succession is not guaranteed. Some billionaires are choosing philanthropy, pledging large portions of their estates to charitable causes rather than leaving them entirely to heirs. Buffett, Bill Gates, and others have signed the Giving Pledge, committing to donate most of their wealth. That means the younger billionaire class may grow not only through inheritance but also through new industries, particularly in AI, biotech, and clean energy.
The Intergenerational Power Shift
As the wealthiest Americans age, questions of governance, business continuity, and power transition are becoming increasingly urgent. Shareholders, boards, and governments alike are paying closer attention to succession plans in companies where elderly billionaires still wield outsized influence.
In many cases, children or heirs have already begun to take active roles in managing family empires—examples include Murdoch’s children in media or Walton heirs in retail. But others remain in limbo, waiting for generational handovers that may not happen for years.
Conclusion: Waiting for the Turn
America’s billionaire class may be older than ever, but it is also more entrenched. Their wealth and influence remain central to the U.S. economy, politics, and philanthropy. Yet with one in five billionaires in their 80s or older, the inevitable generational transition is approaching. For millennials and Gen Z, who have long awaited the chance to inherit or build upon this wealth, the coming decades could mark a seismic shift in how power and prosperity are distributed in America.
