Net Worth Percentile Calculator for The USA Including 23 Wealth and Income Statistics - 2023 Data | The Kickass Entrepreneur (2024)

FAQs

What net worth is considered wealthy in 2023? ›

Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.

The 95th percentile, with a net worth of $3.2 million, is considered wealthy, facilitating estate planning and possibly owning multiple homes. The top 1%, or the 99th percentile, has a net worth of $16.7 million and represents the very wealthy, who enjoy considerable financial freedom and luxury​​.

Americans need a net worth just south of $6 million to break into the richest 1%.

In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd. As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier.

On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million. Therefore, about 2% of the population possesses enough wealth to meet the current definition of being rich.

Some sources define the upper middle class as anyone making a lot of money but haven't crossed the threshold to become truly wealthy. These individuals often have a net worth of at least $500,000 to $2 million.

According to the MacroMonitor, by 2022-23, the number of U.S. households with $3 million or more in financial assets represents 3.2% of all households, totaling 4.6 million.

Types of High-Net-Worth Individuals (HNWIs)

An investor with less than $1 million but more than $100,000 is considered to be a sub-HNWI. The upper end of HNWI is around $5 million, at which point the client is referred to as a very-HNWI. More than $30 million in wealth classifies a person as an ultra-HNWI.

According to EBRI estimates based on the latest Federal Reserve Survey of Consumer Finances, 3.2% of retirees have over $1 million in their retirement accounts, while just 0.1% have $5 million or more.

1,821,745 Households in the United States Have Investment Portfolios Worth $3,000,000 or More.

What is the top 1 percent net worth in 2024? ›

For 2024, based on the average of the Federal Reserve's data and Knight Frank's data, the top one percent net worth in America begins at about $9.7 million. If you prefer, round up the figure up to $10 million, the ideal net worth to retire with according to thousands of FS readers.

We can also define middle class in terms of net worth. According to the U.S. Census data, the average net worth for U.S. households in 2022 is about $300,000. The median net worth is about $110,000 in 2024. In other words, wealth is concentrated at the top.

Someone who has $1 million in liquid assets, for instance, is usually considered to be a high net worth (HNW) individual. You might need $5 million to $10 million to qualify as having a very high net worth while it may take $30 million or more to be considered ultra-high net worth.

Americans say they would need to earn $483,000, on average, to feel rich or achieve financial freedom, according to a recent Bankrate survey. That's over eight times the national median income of about $57,200, according to Labor Department data.

While there's no legal standard when it comes to defining who is an ultra-high-net-worth individual (UHNWI), they're often defined as those who have $30 million or more in assets. These funds must be in investable assets, which is an important distinction to make.

To feel wealthy, Americans say you need a net worth of at least $2.2 million on average, according to financial services company Charles Schwab's annual Modern Wealth Survey.

Both median and average family net worth surged between 2019 and 2022, according to the U.S. Federal Reserve. Average net worth increased by 23% to $1,063,700, the Fed reported in October 2023, the most recent year it published the data. Median net worth, on the other hand, rose 37% over that same period to $192,900.

Let's break it down with a cold splash of truth. There are about 22 million people in the US sitting on a net worth of over $1 million. That might seem like a hefty squad of millionaires to you, but let's put things into perspective. That's less than 7% of the U.S. adult population, my friend.