The wealthy are getting older
Robert Frank the reporter (not to be confused with Robert Frank the economist from Cornell) explains that the wealthy are 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.
Reasons: young people are saddled with student debt, while older workers make more money than ever before. The highest incomes “are going mainly to executives, business owners, bankers, lawyers and other professionals who are more senior. … The median age of the top 1 percent of income earners has jumped to 53 in 2013 from 45 in 1992.”