Average Net Worth by Age: How Do You Compare?
The average net worth for U.S. families is about $1.06 million. The median — a more accurate measure — is $192,700. Net worth typically grows as you age, until you stop working.
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Net worth is what you own, minus what you owe. You can find yours using our net worth calculator. Subtract the value of all your liabilities (such as credit card debt and student loans) from the value of all your assets (including your home, if you own one, and the money in your retirement accounts).
Average American net worth
The average net worth of U.S. households was about $1.06 million in 2022, according to the Survey of Consumer Finances. That's up 23% from 2019 when the average U.S. net worth was $865,720, according to the survey.
The Federal Reserve Board issues the Survey of Consumer Finances every three years to share information about family incomes, net worth, retirement savings and more. The most recent report was released in October 2023.
That average might seem high, but that's because very rich households drive the average up. Looking at the median, or the midpoint value, is a more accurate representation of the everyday person.
Median American net worth
The median net worth of all U.S. households was $192,700 in 2022. That's an increase of 37% from 2019, when it was $141,140.
Net worth can be a useful snapshot of financial health, showing how savings, investments and assets add up over time.
Net worth usually goes up as a person ages, then starts to dip once people stop working.
Median and average net worth by age
Net worth totals vary by education, income, race and other factors. We’ll focus on the median and the average net worth by age for all in the U.S.:
Age of head of family | Median net worth | Average net worth |
|---|---|---|
Under 35 | $39,040. | $183,380. |
35-44 | $135,300. | $548,070. |
45-54 | $246,700. | $971,270. |
55-64 | $364,270. | $1,564,070. |
65-74 | $410,000. | $1,780,720. |
75+ | $334,700. | $1,620,100. |
» RELATED: Learn the average credit score by age.
The importance of net worth
How important is net worth? That depends on you. Net worth is just one way to check your financial pulse and spot strengths and opportunities for growth. For instance, you might find that you have more assets than you realized, or that your debt is making it harder to build wealth. But it isn't a perfect picture.
A high net worth doesn’t necessarily mean a high standard of living or financial security. For example, a person’s home may pad their net worth figure, but they could struggle with daily expenses if they have no savings.
A low or negative net worth doesn’t mean you’re failing financially. Many factors, such as student loans or medical debt, can influence net worth in ways that aren’t always within your control.
Remember, that chart above shows that net worth can change with time.
How to increase your net worth
There are many tactics you can use to build net worth. Start with a few basic steps:
Choose a debt payoff strategy
Create a plan for shedding burdensome liabilities. We recommend paying down debts with the highest interest rates first, an approach known as the debt avalanche. Another option you may consider is debt consolidation: rolling multiple debts into one payment.
Grow your money
Any level of saving will add up, whether it’s stashing $200 or $20 per month. Set up automatic transfers to a savings account, and take advantage of competitive account interest rates if you can.
If your employer offers a 401(k) match, aim to maximize those contributions. Having a plan in place to help you start investing may also help you reach your goals faster.
Increase your income
Sometimes it might feel like you don’t have enough money left over to save and/or invest. If you want to pad your income, you may consider picking up a few side hustles, negotiating your salary or looking for a higher-paying job.
» Learn about how to make money
Be patient
The trend for most people is that net worth increases as they get older. It’s also essential to be as consistent as you can with your savings so that compound interest can do its job in helping your invested money grow over time.
Keeping track of your net worth may help you ensure you’re on track with your long-term goals.
Factors beyond your control can affect your net worth, such as stock market swings and sudden changes in income. The goal should always be to try to pivot as necessary to get your finances back on track.
