What net worth places you in the top 10% of Americans? You may be closer than you think

Keeping that in mind, here’s the latest data on how much wealth it takes to be in the top 10% of all Americans.

America’s top 10%

The Federal Reserve is the best source of data on national net worth, as it has unmatched insight into how Americans earn, spend, save, invest and borrow.

According to the Federal Reserve’s 2022 Survey of Consumer Finances, the median American family has a net worth of just $192,900. If your household has more than that, you’re doing better than half of the country.

If your net worth is above $1,063,700, you’re wealthier than the average American. This number is much higher than the median number because it is skewed by ultra-wealthy individuals, including billionaires like Elon Musk and Jeff Bezos. Still, it’s a useful benchmark — being a millionaire in America, even if you’re a mini millionaire, puts you ahead of most.

To break into the top 10%, though, you’ll need a net worth of at least $2 million, according to the 2022 survey. That means only 1 in 10 American households has a net worth above that threshold.

In other words, if you’re a multimillionaire, you can safely consider yourself among the affluent.

Age matters

As noted above, the top 10% by net worth at age 55 will not be the same as it is at 25, 35 or 45. As you get further along in your career and investing journey, this number will naturally rise.

Analysis by Harness analysis using Federal Reserve data finds that, if you are in the 18 to 34 age group, a net worth of just $ $372,120 will put you in the top 10%. This seems a lot more reasonable than $2 million, right?

That number, naturally, rises as your demographic changes. In the 35 to 44 demo, you’d need $1,042,300. At 45 to 54, it hits $1,956,000. Once you’re at 55 to 64, the number is $2,960,900.

It stays pretty static from there up until age 99, according to the analysis. But overall, it really helps for you to understand how you fit in by your age group instead of by the broad number for all age groups.

Wealth is a moving target

Every year, America’s wealthiest people tend to get even richer. At the same time, the cost of living keeps rising.

Over the past five years, the S&P 500 has jumped roughly 74%, boosting the portfolios of many affluent families and raising the bar for the top 10%.