Think You're Richer Than Your Peers? Here's The Net Worth You Need To Rank Among The Top 10% For Your Age

Comparing net worth is like stepping on the scale after a friend brags about their new fitness routine. You don't want to measure yourself against them, but the curiosity is hard to ignore. If you've ever wondered where you stand financially compared to others your age, the data is clear – and it might just surprise you. 

So, are you richer than your peers? While it's not polite to ask, the numbers don't lie. If you're curious about where you stand financially compared to others in your age group, here's what the data says.

Don't Miss:

• Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.
• Are you rich? Here’s what Americans think you need to be considered wealthy.

The Net Worth You'll Need by Age Group

To land in the top 10% of Americans for your age, your net worth has to reach some serious milestones. Here's the breakdown from 2022 Federal Reserve data:

• Ages 18–29: $281,550

• Ages 30–39: $711,400

• Ages 40–49: $1,313,700

• Ages 50–59: $2,629,060

• Ages 60–69: $2,808,600

• Ages 70+: $2,547,700

Across all age groups, the overall benchmark to crack the top 10% in the U.S. is a net worth of $1.94 million.

If these numbers seem high, it's because wealth in the U.S. is heavily concentrated at the top. Consider this:

The top 10% of households hold 67% of total household wealth, with an average net worth of $6.9 million.

Meanwhile, the bottom 50% of households own just 2.5% of total wealth, with an average net worth of only $51,000.

See Also: It’s no wonder Jeff Bezos holds over $70 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors are getting started.

Generational Wealth Gaps

Younger generations – Millennials and Gen Z – are making strides in building wealth, but they're still playing catch-up:

• Millennials have accumulated $1.33 for every $1 Gen X had at the same age.

• Similarly, Millennials have $1.32 for every $1 Baby Boomers had when they were younger.

While promising, these figures reflect ongoing challenges like student debt and rising housing costs that disproportionately impact younger adults.

What Does It Mean to Be Wealthy?

Despite the hard numbers, wealth is as much about perception as it is about financial milestones:

On average, Americans believe you need $2.5 million to be considered "wealthy," according to data reported by Charles Schwab. 

The number varies by generation:

• Baby Boomers: $2.8 million
• Gen X: $2.7 million
• Millennials: $2.2 million
• Gen Z: $1.2 million 

Trending: The average American couple has saved this much money for retirement — How do you compare?

Average Net Worth by Age

Thanks to factors like income growth, investments, and life events, age plays a significant role in net worth. According to the Federal Reserve's 2022 Survey of Consumer Confidence:

Under 35: Average net worth is $183,380; median is $39,040.

Ages 35–44: Average is $548,070; median is $135,300.

Ages 45–54: Average is $971,270; median is $246,700.

Ages 55–64: Average is $1,564,070; median is $364,270.

Ages 65–74: Average is $1,780,720; median is $410,000.

75+: Average declines to $1,620,100; median falls to $334,700.

Perspective Is Key

Reaching the top 10% is undeniably an accomplishment, but wealth isn't one-size-fits-all. It depends on where you live, your lifestyle, and what financial security means to you personally. Benchmarks like these are helpful guides but don't define your journey.

For a deeper understanding of your financial standing and how to achieve your goals, consider consulting a financial advisor who can tailor a strategy to your unique circumstances.

Read Next:

• Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you.
• Many are using retirement income calculators to check if they’re on pace — here’s a breakdown on what’s behind this formula.