Here’s the average net worth of Americans broken down by age — see how you compare (2024)

You may think the term "net worth" only applies to celebrities and CEOs, but it's something we all have — and we all should know it.

Your net worth, calculated by the total value of your assets minus your debt, is essentially a snapshot of where you stand financially as a whole, taking into account how much you owe and the value of the things you own. You can think of it like a report card on your financial health.

And although net worth varies widely based on a person's circ*mstances, like their income, cost of living, family inheritances, housing status (renter or buyer) and educational background, knowing the net worth of someone your same age is a good benchmark to help you see where you stand compared to the average.

Here's a breakdown of both median and average American net worth by age, according to the Federal Reserve's Survey of Consumer Finances published in October 2023. Keep in mind the average figures are skewed by the most affluent households in the U.S., making the median net worth figures a better indicator of where Americans at every age actually stand.

As we mention above, your net worth is calculated by adding up your total assets (like earned income) and then subtracting your liabilities (such as debt).

Your assets can include anything you own that has value, like:

• Cash
• Investments
• Retirement accounts
• Property
• Jewelry
• Art
• Collectibles

Your liabilities can include any and all debt, like:

• Credit card debt
• Student loans
• Mortgages
• Auto loans

In simple terms, net worth looks at the difference between what you owe and the assets you own. A few simple ways to increase your net worth is by growing your assets through investing in the market or by saving more in a deposit account that earns a high amount of interest — the top ones are offering above 5% APY these days. UFB Secure Savings is rated by CNBC Select as one of the top high-yield savings accounts due to its very strong APY and its lack of monthly fees.

It's normal for your net worth to change over time as you borrow and pay off debt, accrue assets and grow your investments.

Over time, you can make it part of your financial routine to check in on this number. Doing so can help clarify your priorities — should you borrow money right now to pursue more education? Is now the time to buy a home? Knowing your net worth can help you assess whether your next financial move is a good one.

Empower (formerly Personal Capital) and Mint are two platforms that make tracking your net worth easy. With either app, users can link all of their accounts, like checking, savings, money markets, CDs, investments, retirement accounts, credit card accounts and loans, giving them one place to see everything.

Empower has its own net worth calculator and Mint has a net worth-specific dashboard that calls out your progress each month.

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