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Research Summary: With college loans and other debts often looming, many Americans wonder what their net worth would be. After all, because net worth factors in so many financial aspects of our lives, trying to examine the big picture can be difficult.
Additionally, factors like age, education, and ethnicity can all play clear or unseen roles in average net worth.
To learn more about the average net worth in the US, based on all of these factors, we’ve gathered all of the latest statistics. According to our extensive research:
The average American net worth is $748,800.
The median American net worth is $121,700.
The average American net worth by age:
Less than 35 – $76,300
35-44 – $436,200
45-54 – $833,200
55-64 – $1,175,900
65-74 – $1,217,700
75+ – $977,600
Average American Net Worth by Age
Age is one of the clearest dividers between Americans with high net worth and low net worth. In general, older Americans are further along in their careers and have more assets, causing a higher average net worth. To see these trends in action, here are some age-related net worth statistics:
Average And Median Net Worth By Age
| Age range | Average net worth | Median net worth |
|---|---|---|
| Less than 35 | $76,300 | $13,900 |
| 35-44 | $436,200 | $91,300 |
| 45-54 | $833,200 | $168,600 |
| 55-64 | $1.17M | $212,500 |
| 65-74 | $1.21M | $266,400 |
| 75+ | $977,600 | $254,800 |
Americans between 65-74 have the highest average net worth of $1.21 million.
This age range has the highest average net worth in the US, which unsurprisingly correlates with the end of someone’s career right before retirement. In this way, people in this age range have built up as much wealth as possible. Those 75+ have a lower average net worth because getting through retirement without working consumes more resources.
Americans under 35 have the lowest average net worth of $76,300.
Between student loans and a lack of assets (especially property), young Americans have a far lower net worth than older Americans.
The median net worth of those 65-74 is 78% less than their average net worth.
This trend is true for all ages, but wealthy individuals skew the data greatly when calculating averages. More realistically, Americans of all ages have a net worth of under $300,000.
Average American Net Worth by Race
While the reality is unfortunate, American net worth varies considerably by race. Whether generational poverty, current systems, or any other factors are to blame, here are the facts about race and wealth in the US:
Average And Median Net Worth By Race
| Race | Average net worth | Median net worth |
|---|---|---|
| White | $983,400 | $188,200 |
| Multi-racial | $486,800 | $74,500 |
| Hispanic/Latino | $203,300 | $36,200 |
| Black | $146,800 | $24,100 |
White Americans have the highest average net worth of $983,400.
White Americans make 570% more than Black Americans and 380% more than Hispanic Americans. The numbers aren’t much better for median incomes either, showing the massive disparity between different races in the US.
Black Americans have the lowest median net worth of $24,100.
Comparably, White Americans have a median net worth of $188,200. This disparity in wealth is similar to the difference between older and younger Americans, making it clear that there is something holding Black Americans back.
For example, the generational poverty that prevents Black Americans from starting out with assets (which also requires them to take on more debt) is akin to how younger Americans also have less, on average, than older Americans.
Multi-racial Americans saw the highest increase in average net worth in four years.
Multi-racial Americans experienced a 20% increase in average net worth between 2016-2019.
Latino Americans saw the sharpest decrease in average net worth within four years.
Latino Americans experienced a -19% decrease in average net worth between 2016-2019. While White and Black Americans also saw decreases, these were very slight -1% and -3% decreases, respectively.
Average American Net Worth by Education
Education can be a double-edged sword. On the one hand, Americans with higher education levels tend to have higher salaries, while on the other hand, they also accrue more debt. Here are some key facts about education and net worth:
Average And Median Net Worth By Education
| Education level | Average net worth | Median net worth |
|---|---|---|
| No high school diploma | $137,800 | $20,500 |
| High school diploma | $305,200 | $74,000 |
| Some college | $376,400 | $88,800 |
| College degree | $1.52M | $302,200 |
Americans with college degrees have an average net worth of almost $1.52 million.
Americans with college degrees have a significantly higher net worth than anyone without one. This is even true for Americans with some college, but no degree, who have an average net worth of only $376,400.
Americans with a college degree make 1,000% more than those without a high school degree.
Americans with a college degree have an average net worth of $1.52 million, while those without a high school degree have an average net worth of only $137,800.
Average American Net Worth Over Time
The net worth of Americans has fluctuated a lot over time, with dips often associated with recessions, inflation, and an increased cost of living. Here are some stats that show how net worth has changed over time:
Median American net worth has increased by 34% between 2010-2019.
The median American net worth was $90,730 in 2010, in part due to the effects of the 2008 housing market crash. As of 2019, the median American net worth has reached $121,700.
Median Net Worth Over Time
Year Median net worth 2019 $121,760 2016 $103,480 2013 $89,390 2010 $90,730 2007 $149,360 2004 $126,210 2001 $125,270 1998 $112,770 1995 $96,490 1992 $88,850 1989 $93,600 Median net worth for those 55-64 decreased by over 37% between 2004-2019.
By contrast, the median net worth for those 35 and under has remained stagnant since 1989, and the median income for those 75+ has increased slightly.
Median Net Worth By Age Over Time
Year Less than 35 35-44 45-54 55-64 65-74 75+ 2019 $13,900 $91,300 $168,600 $212,500 $266,400 $254,800 2016 $11,700 $63,500 $131,930 $199,210 $238,240 $281,580 2013 $11,490 $51,670 $115,690 $181,990 $254,890 $214,140 2010 $10,960 $49,910 $138,030 $210,550 $243,510 $255.560 2007 $14,450 $109,430 $228,370 $313,170 $295,520 $263,180 2004 $19,250 $94,150 $196,710 $341,630 $257,850 $221,110 2001 $16,900 $113,370 $193,990 $267,590 $257,070 $225,810 1998 $14,310 $99,870 $166,130 $201,160 $230,410 $197,860 1995 $20,030 $86,970 $154,750 $192,820 $185,230 $155,250 1992 $16,610 $79,910 $139.980 $203,440 $176,450 $155,350 1989 $16,170 $112,480 $195,120 $195,260 $154,340 $144,300 The median net worth for those with a college degree has decreased by 27% since 2007.
The median income for all education levels has decreased since 2007, but those with college degrees have been affected most severely.
Median Net Worth By Education Over Time
Year No high school diploma High school diploma Some college College degree 2019 $20,500 $74,000 $88,800 $302,200 2016 $24,270 $70.240 $70,240 $310,680 2013 $19,050 $57,540 $55,350 $304,190 2010 $19,210 $67,160 $67,160 $292,120 2007 $40,860 $99,370 $120,120 $400,200 2004 $27,930 $92,730 $107,260 $365,490 2001 $36,700 $83,770 $119,800 $350,530 1998 $33,030 $85,170 $119,770 $270,990 1995 $38,390 $86,350 $83,880 $201,890 1992 $33,430 $68,650 $102,790 $196,470 1989 $48,090 $72,990 $92,800 $253,050 White and Black Americans have seen the largest decrease in net worth during the 2008 recession, at -28%.
All races suffered during the housing market crash, but this trend seems to indicate that white Americans were most affected. However, Hispanic Americans also saw their net worth decrease by -25%.
Median Net Worth By Race Over Time
Year White Hispanic/Latino Black 2019 $188,200 $36,200 $24,100 2016 $181,870 $22,040 $18,240 2013 $155,830 $15,150 $14,360 2010 $152,880 $19,500 $18,730 2007 $211,730 $26,050 $26,050 2004 $191,110 $20,800 $27,660 2001 $177,500 $16,900 $27,870 1998 $150,960 $15,460 $24,380 1995 $128,200 $20,870 $18,230 1992 $124,600 $12,140 $17,700 1989 $143,560 $9,940 $8,550
Average American Net Worth by Other Factors
We’ve covered some of the major factors that impact net worth in the US; however, there are still some important ones to cover. From the impact of your location to gender gaps, here are some statistics:
American homeowners have an average net income over 1,050% higher than renters.
The average net worth for American homeowners is $1.10 million, compared to only $95,600 for renters.
Men’s median net worth is 120% higher than women’s.
Men in the US have a median net worth of $12,188, compared to a median net worth of only $5,541 for women.
The state with the highest median net worth is Hawaii, at $373,200.
This is over $100,000 more than any other state. On the other end of the scale, Mississippi has the lowest median net worth of $40,280.
Average And Median Net Worth By State
| State | Average net worth | Median net worth |
|---|---|---|
| Alabama | $343,000 | $85,900 |
| Alaska | N/A | N/A |
| Arizona | $420,900 | $126,100 |
| Arkansas | $281,100 | $49,990 |
| California | $628,400 | $200,300 |
| Colorado | $630,400 | $217,900 |
| Connecticut | $733,400 | $173,500 |
| Delaware | $341,900 | $143,700 |
| Florida | $410,100 | $95,770 |
| Georgia | $365,900 | $110,000 |
| Hawaii | $708,700 | $373,200 |
| Idaho | $418,900 | $182,400 |
| Illinois | $389,800 | $103,500 |
| Indiana | $309,600 | $84,620 |
| Iowa | $456,700 | $152,800 |
| Kansas | $330,800 | $77,010 |
| Kentucky | $295,700 | $73,150 |
| Louisiana | $350,300 | $84,850 |
| Maine | $463,200 | $107,400 |
| Maryland | $565,200 | $194,700 |
| Massachusetts | $587,100 | $251,000 |
| Michigan | $374,300 | $117,600 |
| Minnesota | $555,500 | $228,500 |
| Mississippi | $159,600 | $40,280 |
| Missouri | $304,600 | $70,220 |
| Montana | $407,200 | $190,300 |
| Nebraska | $366,200 | $99,520 |
| Nevada | $378,000 | $93,920 |
| New Hampshire | $531,300 | $243,600 |
| New Jersey | $581,300 | $195,200 |
| New Mexico | $256,200 | $56,450 |
| New York | $479,900 | $123,900 |
| North Carolina | $419,200 | $108,400 |
| North Dakota | $563,600 | $241,000 |
| Ohio | $390,700 | $102,800 |
| Oklahoma | $360,600 | $80,790 |
| Oregon | $598,200 | $183,200 |
| Pennsylvania | $455,400 | $137,800 |
| Rhode Island | $319,200 | $83,790 |
| South Carolina | $364,500 | $81,150 |
| South Dakota | $599,900 | $216,600 |
| Tennessee | $338,700 | $70,100 |
| Texas | $340,000 | $90,390 |
| Utah | $444,100 | $170,900 |
| Vermont | N/A | N/A |
| Virginia | $540,600 | $148,400 |
| Washington | $566,900 | $170,400 |
| West Virginia | $294,500 | $65,290 |
| Wisconsin | $427,200 | $110,400 |
| Wyoming | $495,300 | $171,600 |
Average American Net Worth Breakdown
One of the most important measures of US net income is bank accounts. Checking, savings, and retirement accounts can provide valuable information about how Americans spend and save money. Here are the facts:
The average bank account balance in the US is $10,545.
However, this number also varies a lot by age, with those 35 and under having an average of $11,250 in their accounts, while those 65-74 have an average of $60,410 in their account.
Average Bank Account Balance By Age
Age ranges Average bank account balance Less than 35 $11,250 35-44 $27,910 45-54 $48,200 55-64 $57,670 65-74 $60,410 75+ $55,320 The average retirement (401k) account balance in the US is $141,542.
However, this also varies a lot by age, with those under 25 having an average retirement account balance of only $6,264, compared to $279,997 for those 65+.
Average Retirement Account Balance By Age
Age range Average retirement account balance Less than 25 $6,264 25-34 $37,211 35-44 $97,020 45-54 $179,200 55-64 $256,244 65+ $279,997
Average American Debt Breakdown
Taking on debt is just a part of life for most Americans. From student loans to car payments to mortgages, it’s more surprising to meet someone who doesn’t have debt. To find out more about the average debt in the US, here are some essential facts:
The average American has $90,460 in debt.
Gen X (ages 40-55) has the highest average debt of $135,841, while Gen Z (adults ages 18-23) only has an average debt of $9,593.
Average Personal Debt By Generation
Generation Average debt Gen Z (ages 18-23) $9,593 Millennials (ages 24-39) $78,396 Gen X (ages 40-55) $135,841 Baby Boomers (ages 56-74) $96,984 Silent Generation (75+) $40,925 The average household debt in the US is $167,463.
A whopping 80% of Americans have some form of debt, making it a common and important factor for calculating average net worth.
Net Worth FAQ
How do you calculate net worth?
You calculate net worth by subtracting the total of all liabilities from the value of all assets. More simply, your net worth is what’s left of the value of what you own after you subtract what you owe (often in the form of debt).
For example, if Charlie has $500,000 worth of assets (e.g., house, property, vehicles, etc.) and owes $350,000 worth in debt on these and other assets, that means his net worth is $150,000.
What counts toward your net worth?
Assets and liabilities are what count toward your net worth. To get a better idea of what falls under these categories, here are some detailed lists:
Examples of assets:
House
Cars
Boats
Planes
Business property
Investments
Cash
Examples of liabilities:
Credit card debt
Student loans
Mortgage
Car loans
Personal loans.
Net worth that can be considered rich in the US?
Someone with at least $2.2 million in net worth can be considered rich in the US. More specifically, people with $1 million or more are considered High Net Worth (HNW) individuals, while people who make $5million-$10million are very high net worth individuals, and people who make $30+ million are ultra-high net worth individuals.
In your personal life, whether or not you’re “rich” based on your net worth can depend a lot on your location, cost of living, and more.
What is a good net worth by age?
A good net worth by age is subjective, but the median net worth by age can give us clues about average Americans. Here is the median net worth by age, which gives us an idea of where most Americans stand:
Less than 35 – $13,900
35-44 – $91,300
45-54 – $168,600
55-64 – $212,500
65-74 – $266,400
75+ – $254,800
The reason why median net worth is more useful for measuring whether or not your own net worth is healthy is that the numbers are less skewed by the wealthiest individuals in the US.
Conclusion
Net worth can be an important tool for determining the health of your current finances, as you can compare your own net worth to others of your age, gender, location, and more.
However, net worth statistics can also provide a concerning insight into inequalities all over the US.
While there’s nothing inherently wrong with younger Americans earning far less than older Americans, there is something deeply concerning about Black and Hispanic Americans having far lower average net worths than White Americans or women having lower net worths than men.
Hopefully, these statistics can help us to identify issues and inequalities within our country, so we can work toward a more fair, less indebted structure.
References
First Republic – Average American Net Worth by Age, Education, and More
Insider – The average net worth in America by age, race, education, and location
The Motley Fool – Average Net Worth of Americans by Age, Education, and Race
CNBC – The average American has $90,460 in debt—here’s how much debt Americans have at every age
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Jack Flynn is a writer for Zippia. In his professional career he’s written over 100 research papers, articles and blog posts. Some of his most popular published works include his writing about economic terms and research into job classifications.Jack received his BS from Hampshire College.
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