For those who want to know how their financial situation compares to the rest of the population, understanding the average net worth by age is an important first step. Net worth is defined as the total value of a person’s assets minus their liabilities. In this article, we will explore the average net worth in 2023, as well as how it differs by age.
Average Net Worth in 2023
In 2023, the average net worth among adults in the U.S. is projected to be $1,817,977. This figure includes both assets and liabilities, and is based on estimates from the Federal Reserve. The net worth of individuals in the U.S. has been steadily increasing over the years, and is projected to continue to do so in the coming years.
The biggest contributors to net worth are typically property and investments, such as stocks and bonds. Other sources of wealth, such as savings accounts and retirement plans, can also contribute significantly to net worth. The amount of debt an individual has, such as credit card debt or mortgage debt, will also affect their overall net worth.
Net Worth By Age Group
As of 2023, the average net worth among individuals in the 25-34 age group is $72,593. This age group typically has the lowest net worth, as they are just starting out in their careers and may not have accumulated much in terms of assets yet. They are also more likely to have student loan debt, which can further reduce their overall net worth.
The average net worth among individuals in the 35-44 age group is $284,722. This age group typically has a higher net worth than the 25-34 age group, as they have had more time to accumulate assets and build their wealth. They are less likely to have student loan debt, and may have already started to invest in stocks and bonds.
Overall, the average net worth among adults in the U.S. is projected to be $1,817,977 in 2023. The net worth of individuals in the U.S. has been steadily increasing over the years, and is projected to continue to do so in the coming years. The average net worth among individuals in different age groups can vary significantly, with the 25-34 age group typically having the lowest net worth and the 35-44 age group having the highest.
