Credit: The Washington Post

What are your odds of being a millionaire, do you think? One in 10? One in 50? One in 100?

If you’re over 62, your odds of having at least $1 million in net wealth (your total assets minus your total debt) are relatively achievable — about 1 in 7. But if you are under 40, your odds are low: 1 in 55.

In the last 25 years, the odds that an old person is a millionaire have improved slightly. But for young people, they have gotten much worse.

These figures come from a new paper by economists at the St. Louis Fed’s Center for Household Financial Stability, which shows evidence of a growing wealth gap that few people are talking about — the gap between the young and the old.

The paper, by William Emmons, Bryan Noeth and Ray Boshara, draws on surveys of 40,000 families that the Fed carried out between 1989 and 2013 to examine the all-important role that your age plays in how much income […]