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Average Net Worth by Age How Can You Compare?
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Median Net Worth by Age: How Do You Compare?
The average net worth for U.S. families is $748,800. The median, a more representative measure - is $121,700.
By Lauren Schwahn Lead Writer | Personal finance and the debt Lauren Schwahn is a writer at NerdWallet who covers budgeting, debt and money-saving strategies. She is a contributor to the "Millennial Money" column of The Associated Press. She has been featured on USA Today, MarketWatch and many more. Lauren holds a bachelor's degree in the field of history at the University of California, Santa Cruz. She is based in San Francisco.
Updated Dec. 2 2022 at 2:31 PM PST
Edited by Courtney Neidel Assigning Editor | Personal financial planning, budgeting, and buying Courtney Neidel is an assigning editor for the personal finance team at NerdWallet. She began working at NerdWallet as a writer in the year 2014 and spent the next six years doing articles about budgeting, shopping and strategies for saving money before being made editor. Courtney has been interviewed as a retail authority by "Good Morning America,"" Cheddar and CBSN. Her prior work experience includes freelance writing on behalf of California newspapers.
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We're all aware that our net worth doesn't remotely come close to those of billionaires from the world of Oprah Winfrey ($2.5 billion) or Jay-Z ($1.3 billion). There's been reports that Elon Musk's wealth decreased in 2022 by more than the wealth that Oprah and Jay-Z together $100 billion. But, he's still worth close to $200 billion.
Have you ever wondered how yours compares to your peers'? We analyzed the average net worth numbers from the Federal Reserve Board's Survey of Consumer Finances report to help you figure it out.
What is net worth?
Net worth is what you own minus what you are obligated to. With a calculator , you can calculate your net worth by subtracting the value of all your debts (such as student loans) and subtracting the value of your entire assets (including your home and funds in your pension accounts).
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Is the median American wealth?
So how can we figure out the value of the net worths of Americans? According to the Federal Reserve Board issues the Survey of Consumer Finances every three years to provide information on household earnings, net worth and other. In the current report -that was released in September 2020 with data collected in the year 2019 -- the average or mean wealth of U.S. households is $748,800 [0] Federal Reserve Bulletin . . Accessed Apr 11, 2022.
. Doesn't seem like it's too high? That's because affluent households drive the average higher.
The median, also called the midpoint value, provides the most accurate way to represent the typical person. The overall median value for U.S. households is $121,700. This could help you breathe a little easier.
Average net worth by age
Net worth figures vary based on education, age, and many other variables. We'll focus on the mean and median net worth figures for different age groups:
Age of head of family
Median net worth
Average net worth
A little less than 35
$13,900
$76,300
35-44
$91,300
$436,200
45-54
$168,600
$833,200
55-64
$212,500
$1,175,900
65-74
$266,400
$1,217,700
75+
$254,800
$977,600
How can you determine your net worth?
Are you unsure of what your personal number is? Utilize our net worth calculator to determine it.
Net worth calculator
Enter the amount of your assets and liabilities to calculate your net worth.
Assets
Checking accounts
Savings accounts
Accounts for retirement and investments
Real estate
Cars
Other assets Include all other accounts or valuables (e.g. jewlery, art, etc. ).
Liabilities
Mortgages
Personal loans
Car loans
Credit card credit card debt
Student loans
Other debts include payday loans and any other loans that are not listed here.
Net worth
$0 Really get to know the value of money.
NerdWallet provides you with a comprehensive overview of your spending bill, debts, bills and spending -- all in one place.
What is the significance of net worth?
Net worth is one way to check your financial pulse and identify the strengths as well as weaknesses. But, it's not the most accurate picture. Just because someone has a does not mean that they live an excellent standard of living. A homeowner's house could boost the net worth of their home but they may be cash poor if they don't plan to sell the property and have no savings.
A fascination with others' net worth can motivate us to set and pursue financial goals. It can also make us feel unnecessarily inferior. It's crucial to realize the fact that your net worth doesn't represent a set number. It's able to fluctuate either way -- with the passage of time.
How to increase your net worth
Still, wanting to boost your number isn't necessarily a bad thing. There are numerous strategies you can implement to build net worth. Begin by following a few fundamental steps:
Choose a debt payoff strategy. Plan out a way to eliminate heavy debts. We recommend that you pay off debts with the highest rates first. This strategy is known as the . Another option to consider is to roll several debts into one payment.
Make money. Set up automatic savings, benefit from competitive account interest rates, and look into different options .
Be patient. The common pattern for people is that net worth increases as they age. Do your best to get on the right path and give yourself time for your efforts to be repaid.
Keep track of your money using NerdWallet.
Skip the bank apps and view all your accounts at one time.
Author bios: Lauren Schwahn covers consumer credit and debt at NerdWallet. She has also been highlighted by USA Today and The Associated Press.
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