Data from the Federal Reserve’s 2022 Survey of Consumer Finances (“SCF”) (released in late 2023) offers the most recent comprehensive snapshot of American household wealth. Because the SCF is only conducted every three years, this dataset remains the most up-to-date view available, and some of the findings may surprise you.

Table of Contents

  1. How Net Worth Is Changing in America
  2. The New Wealth Benchmarks
  3. How Net Worth Changes with Age
  4. Why Net Worth Is More Important Than Income
  5. What’s on the Average American Balance Sheet?
  6. Find Your Wealth Advisor at Harness

How Net Worth Is Changing in America

From 2016 to 2022, the median U.S. household net worth rose by 61%, increasing from $120,000 to $193,000. That growth reflects gains in home values, stock markets, and increased savings during the pandemic years.

But that growth wasn’t equal across all households. In fact, the biggest percentage increases were seen among those with the lowest starting net worth:

Age Range Net Worth Growth (2016–2022)
Bottom 25% +2,814%
25th-49th percentile +190%
50th–74th percentile +151%
75th–89th percentile +139%
Top 10% +129%

This data suggests that many households with previously low or negative net worth made significant gains, particularly in the case of the bottom 25%, often by paying down debt or accumulating assets for the first time.

The New Wealth Benchmarks

To understand how your net worth compares, here’s what it took to reach key tiers based on data from the Federal Reserve:

While breaking into the top half is increasingly achievable with consistent saving and investing, the leap to the top 10% remains steep. That’s because wealth at the upper end tends to be built not just through income, but through equity ownership, business interests, long-term investing, and real estate gains, assets that benefit from compounding, appreciation, and favorable tax treatment over time.

Source: Federal Reserve Survey of Consumer Finances (2022); internal analysis by Harness

How Net Worth Changes with Age

Net worth tends to increase with age, as people earn more, invest, and pay down debt. According to Federal Reserve data, younger households are just beginning to build assets, while older households have had more time to accumulate and grow wealth.

Net Worth by Age Table

Age Range Median (50th %) Top 20% (80th %) Top 10% (90th %)
18-34 $39,040 $184,460 $372,120
35-44 $135,100 $546,300 $1,042,300
45-54 $246,400 $1,031,020 $1,956,000
55-64 $364,260 $1,472,000 $2,960,900
65-74 $410,000 $1,524,000 $2,997,300
75-99 $333,200 $1,174,000 $2,681,400

If you previously read our commentary in Business Insider, this new breakdown will offer a fully refreshed view of how age and wealth intersect today.

Why Net Worth Can Be More Important Than Income

Net worth is often the clearest indicator of your financial position. Unlike income, which shows what you earn, net worth reflects what you’ve built, accounting for debt, savings, investments, and assets like your home or business.

Someone earning $250,000 per year, for example, but living paycheck to paycheck may have a lower net worth than someone earning far less but saving and investing consistently. That’s why net worth, not income, can often be a better measure of long-term financial health.

What’s on the Average American Balance Sheet?

According to the Federal Reserve’s 2022 Survey of Consumer Finances, here’s how household wealth is distributed on average across all U.S. households, including the wealthiest:

These figures represent mean values, which are significantly influenced by high-net-worth households. In contrast, the typical (median) household is far more concentrated in home equity and retirement savings, with limited exposure to stocks or private business ownership.

From 2019 to 2022, public equities and home equity grew as a share of the average household balance sheet, not necessarily because of increased contributions, but because of rising asset values during the bull market and housing boom. That shift may now be reversing. With interest rates rising and markets cooling in 2023–2024, many households may find their portfolios are no longer aligned with their long-term goals, making this an ideal moment to revisit your financial strategy.

Find Your Wealth Advisor at Harness

At Harness, our wealth and financial advisors can guide you through major life stages and investment decisions. Whether you’re growing your portfolio, selling equity, navigating taxes, or planning your future, we help you make smarter, more strategic choices with confidence.

Register today to connect with vetted advisors and start planning your next move.

 

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Content should not be regarded as a complete analysis of the subjects discussed. Certain information contained herein has been obtained from third party sources and such information has not been independently verified by Harness Wealth. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information. Harness Wealth does not assume any responsibility for the accuracy or completeness of such information. Harness Wealth does not undertake any obligation to update the information contained herein as of any future date.