Here is the net worth you need to make the top 10% of Americans – why it’s much higher than you think
One of the little-known rules for personal financial management is that wealth is relative. In some countries, a net worth of $500,000 may be a fortune, while in others it may be almost enough.
This is why tracking your net worth versus national average and different percentiles can give you a clearer picture of your progress in financial freedom.
With that in mind, here are the latest government data, with content covering the wealth needed for all Americans to rank in the top 10%.
The Fed is arguably the best source of data for national net assets. It has unparalleled insight into how Americans earn, spend, save, invest and borrow.
according to Washington Post Analysis of the Fed’s 2022 consumer finance survey, the median net worth of households in the United States is only $192,900. If your family has more, then your job is better than half the country.
If your net worth exceeds $1,063,700, then you’re more Average American. This number is much higher than the median, as it is skewed by super-wealthy people like Jeff Bezos and Mark Zuckerberg. Still, this is a useful benchmark – becoming a millionaire or billionaire in the United States, which puts you ahead of most people.
However, according to a 2022 survey, to break into the top 10%, you need at least $2 million in net worth. This means that only one in 10 American households have a net worth above that threshold.
In other words, if you are a multimillionaire, you can safely think about yourself. Your family may enjoy getting better housing, education than most people.
In other words, 2022 was some time ago, and these data may have been outdated. If you try to crack the top 10% in 2025 or above, you may need to target above $2 million.
Read more: Americans are “revenge” to survive – but millions of savings can only get 1%. Here’s how to earn 280% of cash quickly
Every year, the wealthiest people in America get richer. At the same time, the cost of living continues to rise.
The S&P 500 has grown by about 64% since 2022, strengthening the portfolio of many wealthy households and potentially increasing the standard by up to 10%.
