# Average Inheritance Statistics (2026): What Americans Inherit, From the Fed’s Own Data

> What the average American inherits: 2022 Survey of Consumer Finances results by age and size, plus Federal Reserve, IRS and Cerulli data. All sourced.

Source: https://ridleylawoffices.com/average-inheritance-statistics/

By Eric Ridley, attorney, Ridley Law. Updated October 2026.

More than 70 figures on who inherits in the United States, how much they receive, and when. Each one traces to the organization that first published it, or to the Federal Reserve’s public survey file that Ridley Law analyzed directly, and each carries its year. We review the page every quarter.

**Cite this page:** Ridley Law, “Average Inheritance Statistics (2026): How Much Americans and Californians Inherit,” ridleylawoffices.com/average-inheritance-statistics/, October 2026.

The typical American family has inherited nothing. About 21.8% of US families have ever received an inheritance, trust or substantial gift, and among those that did, the median is $120,800 and the mean is $378,100 in 2022 dollars (Federal Reserve Survey of Consumer Finances, 2022). The mean runs far above the median because a small number of very large inheritances pull it up.

**21.8%**

of US families have ever received an inheritance (2022)

**$120,800**

median among recipients, 2022 dollars

**$378,100**

mean among recipients, 2022 dollars

**57.5%**

of inheritance dollars arrive in inheritances over $1 million (2022)

**$124 trillion**

projected to transfer through 2048 (Cerulli, 2024)

**35.8%**

of families headed by someone 65 to 74 have received one (2022)

## What is the average inheritance in the United States?

### What is the average (mean) inheritance in the US?

Among US families that have received an inheritance, the mean total is $378,100 in 2022 dollars, or $265,900 in the dollars reported at the time of receipt (Federal Reserve Survey of Consumer Finances, 2022).

The survey asks each family whether it ever received an inheritance, a trust or a substantial gift, and what each was worth when received. The 2022-dollar figure restates older inheritances at today’s prices. The as-reported figure doesn’t,. Source: Ridley Law calculation from the 2022 Survey of Consumer Finances public data file, using the method in the Methodology section. Data: [Federal Reserve Board, 2022 Survey of Consumer Finances public dataset](https://www.federalreserve.gov/econres/scfindex.htm) (2023).

### What is the median inheritance in the US?

Among families that have received an inheritance, the median total is $120,800 in 2022 dollars, or $81,000 as reported at the time of receipt (Federal Reserve Survey of Consumer Finances, 2022).

Half of recipient families received less than the median. The median is the better answer to “what does a typical heir get,” because the mean is dominated by the largest estates. Source: Ridley Law calculation from the 2022 Survey of Consumer Finances public data file, using the method in the Methodology section.

### What is the average inheritance across all families, including those that got nothing?

Averaged across every US family, including the 78.2% that have never received one, the mean is $82,400 in 2022 dollars (Federal Reserve Survey of Consumer Finances, 2022).

The median across all families is $0. That answers “how much does the average American inherit”: most families inherit nothing. Source: Ridley Law calculation from the 2022 Survey of Consumer Finances public data file, using the method in the Methodology section.

### What percentage of Americans receive an inheritance?

21.8% of US families have ever received an inheritance, trust or substantial gift (Federal Reserve Survey of Consumer Finances, 2022).

The unit is the family, not the person, and the question excludes inheritances from a deceased spouse. The Fed’s codebook words the question: “have you (or your spouse/partner) ever received an inheritance, or been given substantial assets in a trust or in some other form?” Sample: 4,595 families, about 1,099 of them recipients. Across the five statistical copies of the data, the rate ranges from 21.7% to 22.0%. Source: Ridley Law calculation from the 2022 Survey of Consumer Finances public data file, using the method in the Methodology section. Question wording: [Federal Reserve Board, 2022 SCF codebook](https://www.federalreserve.gov/econres/files/codebk2022.txt) (2023), variable X5801.

### What percentage of Americans expect to receive an inheritance?

14.3% of US families expect to receive a substantial inheritance or transfer of assets in the future (Federal Reserve Survey of Consumer Finances, 2022).

That is lower than the share who have already received one. Source: Ridley Law calculation from the 2022 Survey of Consumer Finances public data file, using the method in the Methodology section. Question wording: codebook variable X5819.

## How does inheritance vary by age?

### What share of families have received an inheritance, by age?

The share rises from 11.2% of families headed by someone under 35 to 35.8% of those aged 65 to 74 (Federal Reserve Survey of Consumer Finances, 2022).

The receipt rate keeps climbing until the mid-70s. The chart and table use the age of the head of family as the Fed defines it. Source: Ridley Law calculation from the 2022 Survey of Consumer Finances public data file, using the method in the Methodology section.

| Age of head of family | Share ever received | Median among recipients (2022 dollars) | Mean among recipients (2022 dollars) |
| --- | --- | --- | --- |
| Under 35 | 11.2% | $28,300 | $187,800 |
| 35-44 | 13.7% | $51,000 | $267,300 |
| 45-54 | 16.2% | $59,500 | $298,800 |
| 55-64 | 25.2% | $132,100 | $349,000 |
| 65-74 | 35.8% | $214,700 | $521,100 |
| 75 and older | 34.7% | $136,000 | $428,000 |
| **All families** | 21.8% | $120,800 | $378,100 |

### What is the median inheritance for people under 35?

Among families headed by someone under 35 that received an inheritance, the median is $28,300 in 2022 dollars (Federal Reserve Survey of Consumer Finances, 2022).

The median climbs to $214,700 for families aged 65 to 74. Source: Ridley Law calculation from the 2022 Survey of Consumer Finances public data file, using the method in the Methodology section.

## How big are inheritances?

### How are inheritances split by size?

30.0% of recipient families received less than $50,000 in total, and those inheritances make up 1.6% of all inheritance dollars (Federal Reserve Survey of Consumer Finances, 2022).

At the other end, 8.4% of recipient families received more than $1 million, and they account for 57.5% of the dollars. Families receiving $50,000 to $250,000 are 40.4% of recipients and 14.1% of dollars. Families receiving $250,000 to $1 million are 21.3% of recipients and 26.8% of dollars. Each family’s total across its reported inheritances is counted once. Source: Ridley Law calculation from the 2022 Survey of Consumer Finances public data file, using the method in the Methodology section.

| Total inheritance received | Share of recipient families | Share of inheritance dollars |
| --- | --- | --- |
| Under $50,000 | 30.0% | 1.6% |
| $50,000 to $249,999 | 40.4% | 14.1% |
| $250,000 to $999,999 | 21.3% | 26.8% |
| $1 million or more | 8.4% | 57.5% |

### How many households receive an inheritance each year, and how much is that?

About 2 million US households receive an inheritance or substantial gift each year, and annual transfers averaged about $350 billion in 2016 dollars from 1995 to 2016 (Federal Reserve Board, FEDS Notes, 2018).

The Fed’s economists estimated that annual transfers equal about 3 percent of household-sector disposable personal income. This is the Fed’s own estimate from earlier survey years. Source: [Federal Reserve Board, “How Does Intergenerational Wealth Transmission Affect Wealth Concentration?”](https://www.federalreserve.gov/econres/notes/feds-notes/how-does-intergenerational-wealth-transmission-affect-wealth-concentration-20180601.html) (2018).

### Do all groups inherit at the same rate?

In the 2019 Survey of Consumer Finances, 34.8% of White respondents reported receiving inheritances or gifts, against 13.2% of Black respondents (Federal Reserve Bank of Richmond, 2022).

Among recipients, White respondents had a mean of $303,100 and a median of $100,830, and Black respondents had a mean of $154,260 and a median of $74,460, in 2019 dollars. Source: [Jones and Neelakantan, “How Big Is the Inheritance Gap Between Black and White Families?”, Federal Reserve Bank of Richmond Economic Brief 22-49](https://www.richmondfed.org/publications/research/economic_brief/2022/eb_22-49) (December 2022).

## How much do Californians inherit?

### Is there an official figure for the average California inheritance?

No official figure exists. The Federal Reserve’s public Survey of Consumer Finances doesn’t publish inheritance results by state, and no California agency collects them.

Any “average California inheritance” number you see online is an estimate built on something else. We don’t offer one. The national figures above are the closest official numbers. For how California handles who inherits, see [who inherits if you die without a will in California](https://ridleylawoffices.com/who-inherits-california/).

### How many California estates are large enough to owe federal estate tax filings?

California had the most federal estate tax returns of any state in 2024, out of 7,195 filed nationally (Internal Revenue Service, Statistics of Income, 2026).

This is a proxy for large California estates, not for typical inheritances. Per 100,000 adults, California ranked fourth, behind Wyoming, Florida and Connecticut. The IRS doesn’t publish California’s count in the one-page summary, so we don’t state a number. Source: [IRS, Publication 5332, “Estate Tax Returns Filed for Wealthy Decedents, Filing Years 2015-2024”](https://www.irs.gov/pub/irs-access/p5332_accessible.pdf) (Rev. July 2026).

## How big is the great wealth transfer?

### How much wealth will pass to heirs and charity through 2048?

Cerulli Associates projects $124 trillion will transfer through 2048, with $105 trillion going to heirs and $18 trillion to charity (Cerulli Associates, December 2024).

This is a private research firm’s projection, not government data. Source: [Cerulli Associates, “Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048”](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) (December 5, 2024).

### Who is passing the wealth on?

Baby Boomers and older generations will pass on nearly $100 trillion, which is 81% of all transfers (Cerulli Associates, 2024).

High-net-worth and ultra-high-net-worth households are 2% of households and will transfer $62 trillion, more than half the total. Spousal transfers add up to $54 trillion over the period, with nearly $40 trillion going to widowed women. Source: same Cerulli release.

### Which generations will inherit the most?

Millennials are projected to inherit $46 trillion over 25 years, and Gen X $14 trillion in the next decade against millennials’ $8 trillion (Cerulli Associates, 2024).

Gen X and millennials together are projected to receive $85 trillion. Source: same Cerulli release.

### How much wealth does each generation hold today?

Baby Boomers hold $97.4 trillion of US household net worth, or 52.5%, in the second quarter of 2026 (Federal Reserve Distributional Financial Accounts, September 2026).

Gen X holds $47.7 trillion (25.7%), millennials $20.8 trillion (11.2%), and the Silent Generation and earlier $19.8 trillion (10.7%). Birth years: Silent and earlier before 1946, Boomers 1946 to 1964, Gen X 1965 to 1980, millennials 1981 and later. Source: [Federal Reserve Board, Distributional Financial Accounts, “Distribution of Household Wealth in the U.S. since 1989”](https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/) (last updated September 18, 2026).

### What is the median net worth of US families?

Median family net worth was $192,900 and mean net worth $1,063,700 in 2022 (Federal Reserve Survey of Consumer Finances, 2022).

The gap between the two shows how skewed wealth is, the same pattern as inheritances. Median net worth by age: under 35, $39,000; 35 to 44, $135,600; 45 to 54, $247,200; 55 to 64, $364,500; 65 to 74, $409,900; 75 and older, $335,600. The homeownership rate was 66.1%. Source: [Federal Reserve Board, “Changes in U.S. Family Finances from 2019 to 2022”](https://www.federalreserve.gov/publications/october-2023-changes-in-us-family-finances-from-2019-to-2022.htm) (October 2023).

## How many estates owe federal estate tax?

### How many federal estate tax returns are filed each year?

7,195 federal estate tax returns were filed in 2024, down 20% from 9,024 in 2023 (Internal Revenue Service, Statistics of Income, 2026).

Total net estate tax reported in 2024 was just over $23.3 billion, down more than 47.5% from 2023, mostly because of very large payments by estates over $50 million in 2023. Source: IRS Publication 5332 (Rev. July 2026), linked above.

### What do large estates hold?

Stocks and real estate make up nearly 57% of the assets of estates that filed federal estate tax returns in 2024 (Internal Revenue Service, Statistics of Income, 2026).

Estates with $50 million or more in assets held 45% in stocks and 1.8% in pensions and 401(k)s. Source: same IRS publication.

### Who has to file?

The federal filing threshold was $12.92 million for decedents who died in 2023, and the 2025 federal tax law raises it to $15 million, adjusted for inflation, after December 31, 2025 (Internal Revenue Service, Statistics of Income, 2026).

That means nearly all inheritances pass with no federal estate tax. California has no estate or inheritance tax. For current California thresholds and limits, see [California estate planning numbers for 2026](https://ridleylawoffices.com/2026-california-estate-law-changes/), and for other states see [estate and inheritance tax by state](https://ridleylawoffices.com/estate-inheritance-tax-by-state/). Source: same IRS publication.

Sources

- Federal Reserve Board, 2022 Survey of Consumer Finances public dataset, codebook and summary report (2023)
- Federal Reserve Board, Distributional Financial Accounts (updated September 2026)
- Federal Reserve Board, FEDS Notes, “How Does Intergenerational Wealth Transmission Affect Wealth Concentration?” (2018)
- Federal Reserve Bank of Richmond, Economic Brief 22-49 (2022)
- Cerulli Associates press release (December 2024)
- Internal Revenue Service, Publication 5332 (Rev. July 2026)
- Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers, annual averages

## Related pages on this site

- [Estate planning statistics and California guides](https://ridleylawoffices.com/estate-planning-statistics-and-california-guides/)
- [Understanding California inheritance laws for families](https://ridleylawoffices.com/understanding-california-inheritance-laws/)
- [Capital gains tax on inherited property in California](https://ridleylawoffices.com/capital-gains-inherited-property-california/)
- [The inherited IRA tax map for California beneficiaries](https://ridleylawoffices.com/guides/inherited-ira/)
- [Inherited IRA and the 10-year rule in California](https://ridleylawoffices.com/inherited-ira-10-year-rule-california/)
- [Who inherits if you die without a will in California](https://ridleylawoffices.com/who-inherits-california/)

## Methodology

We chose sources by asking who first published each number, and we excluded second-hand reports of those numbers. The Federal Reserve doesn’t publish 2022 inheritance receipt rates or amounts, so we calculated them from the public 2022 Survey of Consumer Finances file (4,595 families, each represented by five statistical copies of the data). We used the Fed’s own survey weight (variable X42001, divided by 5 when the five copies are pooled, as in the Fed’s published code) and variables X5801 (ever received), X5804, X5809 and X5814 (value of up to three itemized inheritances), X5805, X5810 and X5815 (year received), and X5818 and X8451 (remaining unitemized amounts). Dollars are restated to 2022 using the Bureau of Labor Statistics CPI-U annual average for the year received. Unitemized remainders are not adjusted. Medians are weighted medians of the pooled data. Age is the Fed’s reconciled age of the reference person (X14). These are point estimates, and we didn’t compute standard errors, so treat small differences between age groups as noise. The survey excludes inheritances from a deceased spouse and counts gifts and trusts along with inheritances. We next review this page in January 2027, after the Fed releases the 2025 survey. Report errors to eric@ridleylawoffices.com.

**Related reading:** [estate tax returns and revenue by year](https://ridleylawoffices.com/estate-tax-statistics/).