The Federal Reserve has good news for the American family. Though it may not seem like it, the average net worth increased by 2% between 2016 and 2019 and now averages $748,800.
Median net worth — however — jumped 18% in that same time frame. It sits at $121,760.
Net worth is all assets combined, cash, property, investments, etc. The median net worth is just cash assets.
Breaking it down by age, here’s what the Federal Reserve found:
- As of 2019 the average net worth of people 35 and younger is $76,300
- For people between 35 and 44, the average net worth is $436,200
- The average net worth of people 45 to 54 is $833,200
- Those between 55 and 64 often have an average net worth of $1,175,900
- Those age 65 to 74 have the highest net worth and it averages $1,217,700
- That amount drops to $977,600 for people over age 75
The median net worth in all age brackets — however — is much lower than the average net worth.
Source link: MSN — https://bit.ly/3Qy4te0