According to Bloomberg’s Billionaires Index, 9 out of the 10 richest people in the world are Americans. Elon Musk leads the pack with a net worth of $208 Billion. Jeff Bezos follows relatively close behind at $191 Billion. While Mark Zuckerberg and Bill Gates sit comfortably with $169 Billion and $146 Billion, respectively.
Of course, we won’t get anywhere by comparing ourselves to billionaires. Knowing the average net worth by age, though, can inspire us to make the necessary adjustments to our lifestyle and financial habits.
The Average Net Worth by Age in the U.S.
The median net worth in the US in 2022 is $192,900. This is based on an October 2023
Federal Reserve report about the Changes in U.S. Family Finances from 2019 to 2022. The report also contains the latest data in regards to the average net worth according to age in America:
| Age | Average Net Worth |
| 21 – 34 | $39,000 |
| 35 – 44 | $135,600 |
| 45 – 54 | $247,200 |
| 55 – 64 | $364,500 |
| 65 – 74 | $409,900 |
| 75+ | $335,600 |
How is Net Worth Calculated?
Your Net Worth is equal to your Total Assets minus your Total Liabilities. In other words, it’s the difference between what you own and what you owe.
- Total Assets include cash, savings, investments, insurance policies, homes, vehicles, jewelry, household items, and more.
- Total Liabilities include credit card balances, installment loans, bills due for services, home equity loans, and more.
Manually calculating your net worth is pretty tedious and is quite easy to mess up. Fortunately, the Federal Deposit Insurance Corporation (FDIC) has a ‘Calculate My Net Worth’ tool that’s available online.
Why Should You Care About Your Net Worth?
Your net worth is only as valuable as the actions that you take because of it. If you haven’t been consistently tracking your net worth, then calculating it for the first time could result in a wake-up call or confirmation that you’re on the right track.
However, the best way to leverage your net worth is to treat it as a financial report card. Use it to figure out if you need to increase your investments or if you need to cut down on your debt. You can also set a target net worth and adjust your risk profile accordingly.
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Summary
The median net worth in the US in 2022 is $192,900. Those who are aged 35 – 44 should have a net worth in the ballpark of $135,600. Meanwhile, those in the 45 – 54 age bracket should be shooting for $247,200, give or take.
