The average net worth of U.S. families surpassed $1 million ($1,063,700) for the first time in 2022, after increasing 23% from 2019. (A family’s net worth is the total of their financial assets minus their liabilities, or debts.) Unfortunately, this milestone does not mean the typical American is a millionaire, because a small number of very wealthy households skews the average. The median net worth ($192,900 in 2022) was much lower than the average, but its growth was by far the largest on record. Still, the net worth of U.S. families varies greatly depending on housing status, education, income level, and age — which shows that it usually takes time and diligence to build wealth.
Source: Federal Reserve, 2023
