The central bank’s 2025 Survey of Consumer Finances found that median net worth for families whose reference person was at least 75 rose 37% between 2022 and 2025, reaching $504,900. For families headed by someone younger than 35, median net worth fell 23% to $33,000.

The figures measure family wealth, not the personal assets of every individual in an age group. Net worth is the value of assets minus outstanding liabilities, and the survey adjusts dollar amounts for inflation to 2025 values.

The results show how differently household finances developed across generations during the three years covered by the survey, even as the overall median wealth of American families increased only modestly.

Older families gained as younger families lost wealth

The median net worth of families headed by someone aged 75 or older rose from $367,300 in 2022 to $504,900 in 2025. Their median wealth was higher than that of every other age group in the latest survey.

By comparison, families headed by people younger than 35 saw median net worth fall from $42,700 to $33,000. Their mean net worth also declined, dropping 33% to $135,400.

The Federal Reserve said the decline among younger families was primarily driven by the unwinding of business-equity gains recorded between the 2019 and 2022 surveys. The decline therefore cannot be attributed solely to housing costs, debt or any single economic factor.

Other age groups had mixed results. Median net worth rose 5% among families headed by people aged 35 to 44 and 3% among those aged 55 to 64. It fell 6% for families aged 45 to 54 and 4% for those aged 65 to 74.

The changes underline that age alone does not determine a family’s financial position. Homeownership, investments, business assets, retirement savings and liabilities all affect net worth.

Overall wealth rose only modestly

Across all American families, inflation-adjusted median net worth increased 2% to $215,900 between the two surveys. Mean net worth rose faster, increasing 7% to approximately $1.24 million.

The gap between median and mean wealth illustrates why averages can provide a different picture of household finances. The mean includes the full value of wealth across the distribution and is more affected by households with very large holdings. The median identifies the midpoint, with half of families above it and half below it.

The Federal Reserve found that families in the highest 10% of the usual income distribution experienced a 31% increase in median net worth, reaching approximately $3.67 million.

Families in the lowest income fifth saw median net worth decline 6%. The results indicate that wealth gains were not evenly distributed, even though the overall median increased.

Income improved, but debt pressure increased

The survey also found that real median family income rose 7% between the 2022 and 2025 surveys, reaching $82,200. Real mean family income moved in the opposite direction, falling 6% to $145,200.

The divergence reflects different changes across the income distribution. Median income measures the midpoint family, while mean income is more sensitive to unusually high incomes and changes among wealthier households.

At the same time, more families faced heavy debt-payment obligations. The share of families whose debt payments exceeded 40% of their income rose from 6.5% in 2022 to 8.6% in 2025, its highest level since the 2013 survey.

The proportion of families reporting that they had fallen behind on loan payments also increased sharply, from about 12% to 19.6%. More than 8% reported being at least two months late on payments, compared with about 5% in 2022.

These findings show why rising median income does not necessarily mean financial pressure has eased for every household. Families may earn more in inflation-adjusted terms while also facing larger payment obligations or difficulties meeting bills.

Asset ownership helps explain the wealth divide

The Federal Reserve’s data show that housing and financial assets remained important components of family wealth.

The homeownership rate was about 66% in 2025, little changed from 2022. Among homeowners, median net housing value rose from $218,900 to $230,000.

Stock-market participation, however, edged down from 58% of families in 2022 to 56% in 2025. Among families that owned stocks directly or indirectly, median stock holdings increased 36% to $77,400.

The central bank said older families generally saw some of the largest wealth gains, while younger families and other groups that typically hold less wealth experienced declines. Strong stock-market performance and rising home values contributed to the broader increase in assets, although these developments did not affect all families equally.

The survey does not establish that any single asset explains the entire age divide. Different levels of accumulated savings, business ownership, housing equity, retirement income and debt also shape household wealth.

What the findings say about financial security

The survey presents a mixed picture of American household finances from 2022 to 2025. Median wealth and income increased overall, but younger families experienced a decline in net worth, and a larger share of households faced high debt-payment burdens.

The findings also distinguish wealth from income. Income measures money received over a period, while net worth reflects accumulated assets after debts are deducted. A family can earn more without building wealth if its assets do not grow enough to offset liabilities and other financial pressures.

For younger households, the fall in median net worth points to a weaker balance sheet at a time when many are trying to establish savings, buy homes or build investments. For older families, the increase in median wealth reflects accumulated assets and financial resources, but it does not mean every older household is financially comfortable or has readily available cash.

The Federal Reserve’s survey is a snapshot of family finances, not a prediction of future wealth. Its results show that modest national gains can coexist with sharply different outcomes across age groups and rising financial strain among some borrowers.

Reporting Credit: Federal Reserve Board; 2025 Survey of Consumer Finances; Changes in U.S. Family Finances from 2022 to 2025.

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Rep. Rashida Tlaib, a prominent member of the progressive “Squad” and vocal critic of income inequality, reported spending more than $36,000 on luxury limousine services over the past year, according to campaign finance documents filed with the Federal Election Commission (FEC).

FEC Records Show Extensive Limo Service Spending

Between October 2024 and September 2025, Tlaib’s campaign made approximately $36,717 in payments to Aline Luxury Limo Services, a Detroit-area transportation company, federal filings reviewed by Fox News Digital show.

The expenses were categorized as “travel” and “transportation” across dozens of transactions. Individual payments ranged from $118 to over $1,300, with several entries in the $600–$700 range.

Tlaib’s campaign did not immediately respond to requests for comment regarding the nature of the expenditures or whether they were related to official or campaign events.

Company Linked to Detroit Chauffeured Services

While Aline Luxury Limo Services has minimal public presence, archived records from a related business — DTW Chauffeured Rides, registered to the same address — describe it as a long-standing limousine operator offering “luxury transportation for more than a decade.”

An archived version of its now-defunct website, accessed through the Wayback Machine, stated the company provided a “range of vehicles from classic limousines to modern sedans and SUVs,” emphasizing an “upscale experience at an affordable price.”

No additional financial or ownership information for Aline Luxury Limo Services was included in the FEC disclosures.

Progressive Rhetoric vs. Campaign Spending

The reported spending contrasts with Tlaib’s public advocacy for economic equality and criticism of corporate excess. As the first Palestinian-born woman elected to the U.S. Congress, Tlaib has positioned herself as one of the leading progressive voices in Washington, frequently calling for wealth redistribution and stronger worker protections.

In September 2025, she joined Sen. Bernie Sanders (I-Vt.) to introduce the Tax Excessive CEO Pay Act, aimed at reducing income disparities between executives and workers.

“Working people are sick and tired of corporate greed,” Tlaib said in a joint statement. “It’s disgraceful that corporations continue to rake in record profits by exploiting the labor of their workers.”

Push for Corporate Accountability

The proposed legislation targets corporations whose chief executives earn more than 50 times the median pay of their employees. Tlaib said the bill would ensure “the rich pay their fair share,” arguing that CEO pay has risen 290 times higher than the average worker’s salary.

Tlaib has also opposed what she called “acts of violence” against working families through budget cuts and corporate subsidies. During previous debates over former President Donald Trump’s fiscal policies, she condemned spending priorities that, in her view, “favored weapons manufacturers and wealthy interests over struggling communities.”

Criticism of Government Spending Priorities

In a previous statement regarding federal budget legislation, Tlaib said:

“At a time of extreme income and wealth inequality, while 60% of Americans live paycheck to paycheck, this budget is absolutely devastating for working families.”

She accused Republican lawmakers of “taking food out of the mouths of hungry kids” through cuts to nutrition programs, while approving billions of dollars in defense and security funding.

“Every member who voted to pass this disastrous budget betrayed the people they represent to serve the rich and powerful,” she added.

Political Context and Public Reaction

The disclosure of campaign spending on luxury transport has drawn attention due to Tlaib’s consistent messaging on economic fairness and public accountability. Critics argue that the expenses contradict her advocacy for working-class Americans, while supporters contend that transportation costs are a standard part of congressional campaigning and constituent outreach.

As of publication, Tlaib’s campaign has not issued an official statement addressing the reported limousine service expenditures. The FEC filings reviewed do not indicate any violations of federal election laws, though political analysts note that the optics may invite further scrutiny.

Tlaib, who represents Michigan’s 12th Congressional District, is seeking re-election in 2026 and remains one of the most recognizable figures within the progressive wing of the Democratic Party.

Broader Debate on Campaign Transparency

The revelation underscores growing public interest in how campaign funds are spent, particularly by candidates who emphasize economic justice. Political finance experts have noted that the issue of campaign optics—how expenditures align with stated principles—often influences public perception more than legal compliance.

According to OpenSecrets, members of Congress collectively spend millions annually on travel and security, though few face controversy unless spending appears inconsistent with public messaging.

The FEC allows campaign funds to be used for transportation directly related to official duties or campaign activity but prohibits personal enrichment.

Ongoing Focus on Economic Inequality

Despite the spending scrutiny, Tlaib continues to champion policies addressing income disparity, housing access, and labor rights. She remains aligned with the progressive caucus’s priorities, including corporate accountability, healthcare reform, and climate investment.

Her legislative efforts with Sanders and other progressives continue to frame economic inequality as a structural crisis — a central theme likely to define upcoming election cycles.

Source: FOX News –  ‘Squad’ Dem spends eye-popping amount on luxury limo services in one year

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As billionaire Jeff Bezos gets ready to marry journalist Lauren Sanchez in what’s rumored to be a $10-million wedding in Venice, not everyone in the historic city is celebrating.

In fact, many Venetians are furious—and they’re taking to the streets and canals to make it known.

On a sweltering June afternoon, around 300 protesters gathered near the famous Rialto Bridge. Most were young, underemployed locals who call themselves “precarious.” They carried signs reading “No Space for Bezos” and waved banners showing a cartoon version of Bezos’ Blue Origin rocket. Their goal: disrupt what they see as a luxury spectacle that highlights how their city is being taken over by the ultra-rich.

Locals Push Back Against Billionaire Takeover

Bezos’ wedding is expected to take over some of Venice’s most iconic spaces, including the 14th-century Misericordia and the island of San Giorgio Maggiore. Protesters even climbed a bell tower recently to hang a banner protesting the event.

“If Bezos thinks he can glide into our city unnoticed, he’s in for a surprise,” said protest organizer Federica Toninello. “We’ll block the streets, the canals—he won’t get to the Misericordia without seeing our resistance.”

Another protester, Na Haby Stella Faye, called on fellow Venetians to speak up. “Let’s make sure Venice is remembered not for Bezos’ party—but for standing up to billionaires who treat our home like a movie set.”

Why the Wedding Struck a Nerve

For many locals, the issue goes far beyond this one wedding.

Venice has been struggling for years with the pressures of mass tourism and rising inequality. Housing is harder to find, long-term jobs are scarce, and basic services like schools and hospitals have shut down. Most young people can’t afford to stay in the city. Some are forced to live in the mainland suburbs and commute in for low-wage work.

Now add a billionaire’s superyacht—worth half a billion dollars—anchored in the lagoon, and it’s easy to see why tempers are flaring.

Even Venice’s new €10 entry fee for tourists hasn’t done much to slow the crowds or fix the deeper problems. To many residents, Bezos’ wedding feels like the last straw—a symbol of a city that caters more to the global elite than to the people who live and work there.

Venice Has Fought Back Before

This isn’t the first time Venetians have stood up against powerful interests.

The long-running No Grandi Navi (“No Big Ships”) campaign led to a successful ban on massive cruise liners in the city’s central canals. Activists also pushed for tighter controls on short-term rentals like Airbnb, which have hollowed out neighborhoods and driven up rents.

So while Bezos’ wedding may seem like a one-off event, to protesters it’s a flashpoint in a much larger fight over Venice’s future.

Not Everyone Supports the Protests

Regional officials are pushing back. Veneto’s governor, Luca Zaia, called the protests “embarrassing” and argued that the event would bring attention and money to the region. Venice’s mayor, Luigi Brugnaro, went even further—saying he was “ashamed” of the protests and hoped Bezos and Sanchez wouldn’t cancel.

Some locals and visitors agree.

“This wedding will create jobs—drivers, waiters, hotels, restaurants,” said Görge Meyer, a tourist from Berlin visiting the Architecture Biennale. “Why protest that?”

A City at a Crossroads

For Gillian Longworth McGuire, a travel writer who has lived in Venice for years, the wedding highlights a bigger identity crisis.

“Venice has always attracted the wealthy and famous. That’s nothing new,” she said. “But the question now is: are we still a real, living city—or just a beautiful backdrop for billionaire weddings and bachelorette parties?”

Whether or not Bezos hears the protests from his luxury yacht, his wedding has already sparked a far bigger conversation—about who Venice is really for, and whether there’s still room for the people who call it home.

Source: CNN – ‘We will block the canals’: Venice divided as young protesters target Bezos wedding

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To put it in perspective, the typical American worker earned just over $50,000 in 2023. It would take 726,000 years for 10 median-earning Americans to match the wealth gained by these 10 billionaires in a single year.

This enormous gap highlights just how extreme wealth inequality has become in the U.S. — and it’s happening right as Republicans debate a costly tax bill that experts warn could make the rich even richer while slashing nearly $1 trillion from vital social programs.

Elon Musk’s Wealth Soars by $186 Billion

Oxfam’s report tracked changes in net worth for the top 10 billionaires based on the Forbes Real-Time Billionaire List from April 2024 to April 2025.

Tesla CEO Elon Musk led the pack, adding a jaw-dropping $186.1 billion to his fortune — more than half of the total wealth increase for the group. Analysts have even predicted Musk is on track to become the world’s first trillionaire.

Other big winners include Meta’s Mark Zuckerberg and Walmart heirs Rob and Jim Walton, who each saw their net worth grow by roughly $35 to $39 billion. Meanwhile, some billionaires, like Google co-founders Larry Page and Sergey Brin, actually lost money during this period.

A Tax Cut That Could Deepen Inequality

Oxfam warns that a Republican tax bill, championed by former President Trump, could worsen this imbalance. The legislation would extend the 2017 Tax Cuts and Jobs Act, making most individual tax breaks permanent while temporarily cutting taxes on tips and overtime pay.

Nonpartisan analyses show this bill would boost economic output but disproportionately benefit the wealthy. The Congressional Budget Office (CBO) projects the top 10% of earners would see their household resources grow by 2%, while the bottom 10% would face a 4% drop by 2033.

According to the Penn Wharton Budget Model, the richest 10% would capture nearly two-thirds of the tax cut’s value, while the poorest 20% could lose over $1,000 annually due to cuts in Medicaid, food stamps, and other programs.

Kent Smetters, a professor at the Wharton School, highlighted that over 10 years, the top 10% could receive $3.1 trillion in tax breaks — even though this group already pays about 70% of federal income and payroll taxes.

Calls for a Wealth Tax Grow Louder

In response to skyrocketing billionaire wealth, some progressives have proposed a wealth tax on fortunes over $1 billion. Oxfam estimates that a 3% tax on these ultra-rich fortunes could raise $50 billion from the top 10 billionaires alone — enough to provide food assistance for 22.5 million people for a year.

However, taxing wealth presents significant challenges. Valuing complex assets can be difficult, and some legal experts question whether a wealth tax is constitutional.

Political Reactions: A Divided Nation

Senator Elizabeth Warren blasted the GOP bill as a “giveaway” to the rich, emphasizing that billionaires don’t need more breaks while working Americans struggle.

On the other side, the White House insists Trump’s policies helped reduce wealth inequality during his first term and that extending those tax cuts will restore prosperity for “Main Street.”

The Growing Debt Concern

All this comes amid growing worries about America’s soaring $36 trillion national debt. Moody’s recently downgraded the U.S. credit rating — a first since 1917 — citing rising government debt and interest payments.

Though the White House argues that the tax bill won’t increase the deficit, fiscal watchdogs disagree. The Committee for a Responsible Federal Budget warns the bill could add $3.3 trillion to the debt over a decade, or $5.2 trillion if temporary tax breaks become permanent.

The CBO estimates the cost could be even higher — $3.8 trillion added to the debt — risking inflation and higher interest rates.

Bottom Line

While America’s richest billionaires continue to amass mind-boggling fortunes, millions of ordinary Americans face shrinking resources and cuts to essential programs. As lawmakers debate the future of the tax code, the question remains: Will the wealth gap widen even further — or will policymakers find a way to create a fairer economy?

Source: CNN – The 10 richest Americans got $365 billion richer in the past year. Now they’re on the verge of a huge tax cut

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For decades, the Democratic Party’s progressive wing has sounded the alarm about the United States inching toward an oligarchy—a system where a handful of billionaires dominate the nation’s wealth and political power. This week, as President Joe Biden delivered his farewell Oval Office address, he elevated those concerns, sparking mixed reactions from progressives.

A Farewell Warning

In his address, Biden declared, “Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead.” Flanked by Vice President Kamala Harris and his family, Biden warned of “a dangerous concentration of power” in the hands of a few ultra-wealthy individuals and the peril of leaving their influence unchecked.

Notably, the president had not previously used the term “oligarchy” in this context. His sudden emphasis on billionaire influence raised eyebrows and prompted a spectrum of reactions within his party.

Mixed Reactions from Progressives

Senator Sheldon Whitehouse (D-R.I.) expressed both appreciation and frustration, tweeting, “Now he tells us. Biden speaks out against dark money, for climate action, and for SCOTUS term limits. I pressed four years for this speech.”

Nina Turner, a national co-chair for Senator Bernie Sanders’ last presidential campaign, was more critical. “It’s cowardly that after representing the oligarchs for 50 years in office, he calls out this threat to our nation with just days left in his presidency,” she said. “Biden enabled, benefited from, and emboldened the system that threatens us all.”

The Debate on Billionaire Influence

The debate over billionaire influence in U.S. politics is poised to shape the country’s political and policy landscape. Democrats aim to undermine President-elect Donald Trump’s appeal to working-class voters by highlighting his ties to the billionaire class. Trump’s incoming administration is set to be the wealthiest in history, featuring over a dozen billionaires, including tech magnate Elon Musk.

Meanwhile, Meta CEO Mark Zuckerberg is co-hosting a reception with billionaire Republican donors for Trump’s inauguration. Democrats have sought to tie Trump to Musk, who once backed Biden and former President Barack Obama.

A Divided Party

White House spokesperson Andrew Bates defended Biden’s remarks, emphasizing their alignment with the administration’s efforts to combat billionaire influence. “President Biden’s call to action resonated with Democrats and others because it reflects the values that led to the most significant breakthroughs for working Americans since the New Deal,” Bates said.

Still, Biden’s critics point to contradictions. Earlier this month, Biden awarded the Presidential Medal of Freedom to Democratic megadonor George Soros and billionaire fashion magnate Ralph Lauren. Additionally, Harris’ campaign elevated billionaire Mark Cuban as a surrogate during the presidential race.

Progressive Voices

Some progressives acknowledged Biden’s acknowledgment of oligarchy as a step forward. Adam Green, co-founder of the Progressive Change Campaign Committee, likened it to Dwight D. Eisenhower’s military-industrial complex warning, calling it a “call to action that will be felt for years.”

Senator Bernie Sanders referenced Biden’s words during a confirmation hearing for Trump’s Treasury Secretary pick, Scott Bessent, a billionaire. “What Biden said last night is that we’re moving toward an oligarchy,” Sanders said. “Do you think that when so few people have so much wealth and so much political power that that is an oligarchic form of society?”

Bessent countered by pointing out that Biden had honored figures who could be seen as part of the oligarchic class.

Looking Ahead

The progressive movement remains divided over Biden’s legacy and his parting words. Marianne Williamson, a former presidential candidate now running for Democratic National Committee chair, dismissed Biden’s warning as overdue. “This is news?” she asked, adding that America has been ruled by an oligarchy for years.

Tiffany Muller, executive director of End Citizens United, highlighted the bipartisan nature of the issue in an op-ed. She noted that the 2010 Supreme Court ruling allowing unlimited political donations paved the way for billionaire influence in both parties.

Conclusion

While Biden’s warning may energize some progressives, it also underscores the challenges Democrats face in addressing billionaire influence while relying on wealthy donors. The tension between these dynamics will likely shape debates within the party for years to come.

Source

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