WASHINGTON (AP) — Bolstered by steady gains in the stock market, families headed by someone aged 75 or older are now America's wealthiest, while the youngest families saw their wealth decline in the past three years, a government report released Friday said.
The finding from the Federal Reserve's Survey of Consumer Finances underscores how robust stock market gains have made wealthier American families even richer since the survey, conducted every three years, was last completed in 2022. The median net worth of the richest one-tenth of American families soared 31% to $3.6 million from 2022 to 2025, the survey found. The median is the midpoint between the richest and poorest families.
Overall, the survey found broad gains in income, even after adjusting for inflation, which slightly reduced income inequality. Yet the proportion of Americans struggling with high debt payments and falling behind on their debt payments jumped, a sign of the toll that sharply higher inflation has taken on lower-income Americans.
FILE - An entrance to the New York Stock Exchange is shown on June 26, 2024, in New York. (AP Photo/Peter Morgan, File)
At least eight people were injured when an Avianca flight encountered severe turbulence and had to make an emergency landing in Miami early Friday.
Miami-Dade Fire Rescue said that one person was rushed to a trauma center with severe injuries while seven others were taken to area hospitals in ambulances after the plane landed shortly after 3 a.m. Friday. The airline said nine people — three crew members and six passengers — were affected by the turbulence and needed to be taken to a medical facility.
The Federal Aviation Administration said the Avianca flight was en route from Medellin, Colombia, to John F. Kennedy International Airport in New York when the Airbus A320 had to divert to Miami.
Avianca said the passengers who were not hurt were flown to New York on Friday morning. The airline said “the safety of our customers and employees is, and will remain, the foundation of our operations.”
Serious injuries from in-flight turbulence are rare, but scientists say they may be becoming more common as climate change alters the jet stream. The International Air Transport Association said the number of reports it received about turbulence incidents surged more than 25% last year.
Last summer, 24 people were taken to the hospital after a Delta Air Lines flight encountered turbulence caused by a thunderstorm over Wyoming. The National Transportation Safety Board has said passengers and flight attendants were thrown into the ceiling with enough force to crack some of the interior panels before tossing them back to the floor and then up again. The seat belt sign was off at the time so some passengers were up and drinks were being served when that plane hit the turbulence.
At least 20 passengers have filed lawsuits against Delta over that incident, arguing the airline could have avoided the severe weather.
The FAA recommends that passengers stay buckled whenever possible to protect against unexpected turbulence.
In this image from video, the Avianca Airlines plane which had encountered severe turbulence and had to make an emergency landing, is parked at Miami International Airport in Miami, on Friday, Oct. 9, 2026. (WSVN/ABC Miami via AP)
FILE - The logo of the Miami International Airport is seen on mobile boarding stairs in Miami on March 6, 2026. (AP Photo/Mark Schiefelbein, File)
