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Average Net Worth by Age How Can You Compare?
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Median Net Worth by Age How Can You Compare?
The median net worth of U.S. families is $748,800. The median -- an accurate measure- is $121,700.
By Lauren Schwahn Lead Writer | Personal financial, debt Lauren Schwahn is a writer at NerdWallet who covers budgeting, debt, and other ways to save money. She is a contributor to the "Millennial Money" column for The Associated Press. Her work has also been highlighted on USA Today, MarketWatch and other publications. Lauren holds a bachelor's degree in history from The University of California, Santa Cruz. She is located at San Francisco.
Updated Dec 2 2022, 2022 2:31PM PST
Editor: Courtney Neidel Assigning Editor | Personal financial planning, budgeting, and spending Courtney Neidel is an assigning editor for the core personal finance team at NerdWallet. The editor was hired by NerdWallet in 2014 and worked for six years writing about budgeting, shopping and strategies for saving money before being promoted to editor. Courtney has been featured as a retail authority by "Good Morning America"," Cheddar and CBSN. Her previous experience includes writing as a freelance writer in California newspapers.
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We're all aware that our net worth isn't anywhere near those of billionaires from the world of Oprah Winfrey ($2.5 billion) or Jay-Z ($1.3 billion). And it's been reported that Elon Musk's net worth fell to more than total worth that Oprah and Jay-Z combined $100 billion. But, he's still worth around $200 billion.
Have you ever thought about how yours ranks against your peers'? We analyzed the average net worth numbers of the Federal Reserve's Survey of Consumer Finances report to help you figure it out.
What is net worth?
Net worth is the amount you have, less the amount that you are obligated to. Using a , you can determine yours by deducting the total value of all your liabilities (such as credit card debt and student loans) in comparison to the worth of your entire assets (including your house and the money in retirement accounts).
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How much is the typical American Net worth?
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 share data on family incomes, net worth , and other. Based on the latest report -which was released in September of 2020, with data gathered in 2019 -- the overall average or mean wealth for U.S. households is $748,800 [0*) Federal Reserve Bulletin . . Accessed April 11, 2022.
. It seems like a lot, doesn't it? This is because wealthy households push the average upwards.
Looking at the median, or the midpoint value, provides a more accurate representation of the typical person. The average net worth for U.S. households is $121,700. This might make breathing more easily.
Average net worth per person based on age
Net worth figures vary based on the level of education, age, and many other variables. We'll concentrate on the median and the average figures for various age groups:
Head of the family's age
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
$266,400
$1,217,700
75+
$254,800
$977,600
How to calculate your net worth
Aren't sure what your phone number is? Utilize our net worth calculator to determine it.
Net worth calculator
Enter the amount of your assets and liabilities in order to determine your net worth.
Assets
Checking accounts
Savings accounts
Investment and retirement accounts
Real estate
Cars
Other assets Include any other accounts or valuables (e.g. jewlery, art, etc. ).
Liability
Mortgages
Personal loans
Car loans
Credit card debt
Student loans
Other debts Include payday loans and any other loans that are not listed here.
Net worth
Learn about your money.
NerdWallet gives you a complete overview of your spending bill, debts, bills and spending -- all in one place.
Why is net worth important?
Net worth is one way to monitor your financial performance and spot the strengths as well as weaknesses. However, it isn't an exact representation. Just because someone has a doesn't mean they have an excellent standard of living. A person's home could increase the net worth of their home but they may be cash poor even if they do not plan to sell it and have no savings.
The curiosity about other people's net worth can motivate us to establish and follow financial goals. It can also cause us to feel inferior. It is important to keep in mind it's not an exact amount. It's subject to change either way over the passage of time.
How can you boost your net worth
However, wanting to increase your net worth isn't a good thing. There are many tactics you can use to build wealth. Begin by following a few fundamental steps:
Pick a strategy to pay off debt. Plan out a way to eliminate burdensome liabilities. We recommend paying down debts that have the highest interest rates first. This strategy is known as the . Another option is to roll several debts into one payment.
Grow your money. Create automatic savings, take advantage of competitive account interest rates, and investigate different options .
Be patient. The general trend is that their net worth grows when they age. Make sure you are on the right path and allow time to be repaid.
Keep track of your money using NerdWallet.
Get rid of the bank app and keep all your accounts from one location.
About the author: Lauren Schwahn covers consumer credit and debt for NerdWallet. She has also been featured in USA Today and The Associated Press.
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