Oct 20, 2026 - Economy

Mo money, mo kids: The highest earners are more likely to raise 3

Courtenay Brown

Line chart showing the share of families with three or more children by income percentile. The share hovers around 40% across most income groups before rising sharply to 49% among the top 1% of earners, the highest of any group — Source: Mike Konczal

One clue that might distinguish the rich from the very rich: Count their kids.

Having a third child has become less common in America for every income group — except the highest earners, according to a buzzy analysis of Federal Reserve data by economist Mike Konczal, a former Biden economic official who is currently the vice president of the Economic Security Project.

Why it matters: The findings suggest that having a third child may be a luxury that even well-off Americans struggle to afford.

By the numbers: Konczal analyzed Fed survey data from 2013 to 2025, focusing on families headed by someone aged 45 to 64 and counting biological, adopted and stepchildren, including those from previous relationships.

Among the top 1% of earners, 49% have at least three children, compared with roughly 40% of families in the rest of the top 10%.
The gap is wider when families are ranked by wealth instead of income. Half of the families in the wealthiest 1% have at least three kids, compared with 37% of those in the rest of the top 10%.

The intrigue: The share of top-1% families with at least three children has held relatively steady since the 1990s, while falling among families further down the income ladder.

"Maybe the things that made children more difficult for the 99% just bounced right off the 1%?" Konczal wrote on X.

The bottom line: The ultimate status symbol among America's richest households might be a third child.

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Mo money, mo kids: The highest earners are more likely to raise 3

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