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.
The average net worth of American families is over $1.063 million, according to the most recent data from the Federal Reserve's 2022 Survey of Consumer Finances. The Federal Reserve conducts the survey for calculating average American net worth every three years; the most recent report was released in October 2023.
In 2022, the median net worth of Americans younger than 35 was $39,040, while the median net worth of Americans aged 65 to 74 was $410,000. Americans at retirement age had a median wealth 10.5 times that of those in the younger-than-35 age group. The average American net worth picks up after age 35.
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. If that number has your head spinning, there are some important details you should consider.
Therefore, you should consider the role of home equity and mortgage payments in your real estate allocation. According to some experts, the optimal range for home equity is between 20% and 50% of your net worth.
In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd. As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier.
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.
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.
Poverty Class (Bottom 20%): The median net worth is $6,030. This group typically includes younger individuals with significant student debt or low-wage jobs. Lower-Middle Class (Next 20%): The median net worth is $43,760.
The median transaction account balance is $8,000, according to the Federal Reserve's Survey of Consumer Finances (SCF), with the most recently published data from 2022. Transaction accounts include savings, checking, money market and call accounts, as well as prepaid debit cards.
Do you include a 401(k) in a net worth calculation? All of your retirement accounts are included as assets in your net worth calculation. That includes 401(k)s, IRAs and taxable savings accounts.
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.
For example, individuals with $1 million in liquid assets are generally classified as having a high net worth. To be considered very high net worth, one might need assets ranging from $5 million to $10 million, while an ultra-high net worth status could require $30 million or more.
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.
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.
What Is a High-Net-Worth Individual (HNWI)? A high-net-worth individual (HNWI) is someone who generally has liquid assets of at least $1 million after accounting for their liabilities. 1 (Liquid assets held by HNWIs include cash and investments that can be easily liquidated or converted to cash, including stocks.)
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