Here’s the average net worth of Americans by age (2024)
(NEXSTAR) — When you think about net worth, some of the world’s wealthiest people may come to mind, such as Jeff Bezos or even Oprah. But you don’t have to be a billionaire for it to matter.
Anyone can calculate their net worth, and it’s a great way to measure your financial health. The Federal Reserve released its Survey of Consumer Finances in October, outlining the average net worth of Americans by age — so you can see how you stack up to your peers.
According to the Federal Deposit Insurance Corporation (FDIC), net worth is your assets minus your liabilities. Simply put, it’s everything you own minus everything you owe.
Between 2019 and 2022, the median net worth of U.S. households surged 37% to $192,900, according to the report. The mean, or average, net worth increased 23% to $1,063,700.
You may be wondering why the mean is so much higher than the median net worth. That’s because the wealthiest households tend to drive the average up.
The Federal Reserve explained that several factors likely contributed to net worth increases in 2022, such as changes in the U.S. economy, the large number of families that reported “unusual income” in this recent survey and people saving more money early in the COVID-19 pandemic.
The following table includes both the median and average net worth, broken down by the age of the household head, or reference person. The survey uses the term “reference person” as not to pass judgement about how different families might be structured. Single people who are economically dominant are also considered reference persons.
Age of family head (or reference person)
Median net worth
Average net worth
Less than 35
$39,000
$183,500
35-44
$135,600
$549,600
45-54
$247,200
$975,800
55-64
$364,500
$1,566,900
65-74
$409,000
$1,794,600
75+
$335,600
$1,624,100
Aside from net worth, the report also found that the homeownership rate increased slightly to 66.1% within those three years. For families who owned homes, the median net housing value rose from $139,100 in 2019 to $201, 000 in 2022, the survey noted.
The average American net worth is $1,063,700, as of 2022. Net worth averages increase with age from $183,500 for those 35 and under to $1,794,600 for those 65 to 74. Net worth, however, tends to drop for those 75 and older.
The average American net worth is $1,063,700, as of 2022. Net worth averages increase with age from $183,500 for those 35 and under to $1,794,600 for those 65 to 74. Net worth, however, tends to drop for those 75 and older.
Indeed, people in their 50s have an average net worth of approximately $1 million, according to the Federal Reserve Board's triennial Survey of Consumer Finance.
Additionally, statistics show that the top 2% of the United States population has a net worth of about $2.4 million. On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million. Therefore, about 2% of the population possesses enough wealth to meet the current definition of being rich.
In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.
Yes. The value of your 401(k) account is a part of your net worth and should be included in your net worth. Like anything else of financial value, the vested balance of your 401(k) account — or any retirement account, for that matter — is considered an asset.
The 95th percentile, with a net worth of $3.2 million, is considered wealthy, facilitating estate planning and possibly owning multiple homes. The top 1%, or the 99th percentile, has a net worth of $16.7 million and represents the very wealthy, who enjoy considerable financial freedom and luxury.
The upper class has an average net worth of $793,120 to $2.65 million, while the lower class has $16,900. The middle class ranges from $58,550 to $300,800. You can grow your net worth by saving and investing consistently, investing in the stock market, and being careful about taking on debt.
Generally, a liquid net worth of $1 million would make you a high net worth (HNW) individual. To reach very high net worth status, you'd need a net worth of $5 million to $10 million. Individuals with a net worth of $30 million or more might qualify as ultra-high net worth.
Retiring with $7 million could potentially offer a luxurious lifestyle, from covering basic needs to affording luxury vacations and purchases. However, the sustainability of a $7 million retirement fund depends on multiple variables that can change over time.
Specifically, those with over $1 million in retirement accounts are in the top 3% of retirees. The Employee Benefit Research Institute (EBRI) estimates that 3.2% of retirees have over $1 million, and a mere 0.1% have $5 million or more, based on data from the Federal Reserve Survey of Consumer Finances.
In the United States specifically, the forthcoming 2024 wealth report by Knight Frank reveals that individuals aiming to join the prestigious top 1% now need to possess a minimum net worth of $5.8 million. This marks a notable 12% increase from the previous year's requirement of $5.1 million.
According to EBRI estimates based on the latest Federal Reserve Survey of Consumer Finances, 3.2% of retirees have over $1 million in their retirement accounts, while just 0.1% have $5 million or more.
Household wealth or net worth is the value of assets owned by every member of the household minus their debt. The terms are used interchangeably in this report. Assets include owned homes, vehicles, financial accounts, retirement accounts, stocks, bonds and mutual funds, and more.
The most recent data from the Fed's Survey of Consumer Finances took a snapshot of the American public at the end of 2022. At that point, a net worth of $3,795,000 was enough to put you in the top 5% of all American households.
People with the top 1% of net worth in the U.S. in 2022 had $10,815,000 in net worth. The top 2% had a net worth of $2,472,000. The top 5% had $1,030,000. The top 10% had $854,900.
The 95th percentile, with a net worth of $3.2 million, is considered wealthy, facilitating estate planning and possibly owning multiple homes. The top 1%, or the 99th percentile, has a net worth of $16.7 million and represents the very wealthy, who enjoy considerable financial freedom and luxury.
Introduction: My name is Annamae Dooley, I am a witty, quaint, lovely, clever, rich, sparkling, powerful person who loves writing and wants to share my knowledge and understanding with you.
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