America's wealthiest families are now having the most children, marking a notable shift from historical demographic patterns, according to a recent analysis. Approximately half of the richest 1% of Americans now have three or more children, a higher proportion than any other income bracket.
This contrasts with the general population, where about 40% of households have three or more children, the Economic Security Project found in its analysis of the Federal Reserve’s Survey of Consumer Finances. The findings represent a reversal of trends observed over the past several decades, during which smaller families were more common among higher earners.
A 2018 study examining white mothers indicated that in 1980, wealthier women were less likely to have multiple children. However, by 2018, richer women were more likely to have three children, a pattern also observed among lower-income women, while middle-class women typically had two.
The average cost of raising a child in the U.S. is estimated at $300,000, excluding college tuition. For median-income families earning around $87,000 annually, this represents a significant financial undertaking. However, for the top 1% of earners, who make at least $660,000 annually and possess a net worth of at least $13.7 million, the cost is considerably less prohibitive.
Mike Konczal, vice president of the Economic Security Project, noted that for many, the expense of children is a "huge concentrated expense," making a third child a more complex financial consideration. Similarly, Elliot Haspel, a senior fellow at the family policy think tank Capita, suggested that many couples are not having the number of children they desire due to financial constraints rather than fertility issues.
Despite these financial considerations, a 2025 Gallup poll indicated that 42% of Americans ideally would like to have three or more children, with an average desired family size of 2.7 offspring. However, the current average stands at 1.6 children per woman.