Either you want to compare your net worth to the national average or looking for a way to increase it, this article will bring you real insights about the question What is the average person net worth in 2023.
What IS Net Worth ?
It is no secret that most Americans carry debt that is sometimes much higher than their income.
So, when it comes to answer the question What is your net worth, we need to look beyond your debt.
According to the Federal Reserve which is in charges of financial policies in the USA, Net worth is defined as the difference between one-person Total Assets and their Liabilities.
Now that we have a clear definition of Net worth, the question still remains how one number can be derived for a population of over 300 million people.
This is how it works.
What Is the Average American net worth?
Every three years, the Federal reserve conduction a survey called Survey of Consumer Finances.
These results are heavily statistically based as you can image.
Well, not all 300 million people are surveyed, and a great deal of people do not reply to the survey.
What is the average net worth of an American?
Therefore, extrapolation is made in the data that the Fed gathers.
Furthermore, this data is historical being compared to previous survey so that it aligns with the monetary policies adopted.
As of the 2019 Survey of Consumers Finances, we learn that the average person net worth in the US came in at a whopping $748,800. However, the overall median net worth of US households was around $121,700.
Net Worth Disparities
The Federal reserve report brings light into the difference in net worth based on age and socio-economic situations.
The average young person starting their first job is certainly not likely to have amassed the same amount as a 40-year worker who is about to retire.
For different age comparison groups, here is the net worth data for US households from the Fed survey.
|Age group||Average Net worth||Median Net Worth|
|Less than 35||$76,300||$13,900|
Other factors that impact the average net worth is the level of education and race of the households.
The Fed has published this data showing the differences and continue to stress on them during the Live FOMC statement events.
Top Net Worth People in the world
According to recent report by Bloomberg, here are the top 10 richest people in the world.
The calculation of their assets is provided in the same report.
|Name||Net Worth as of 2022|
|1.||Elon Musk||$223 Billion|
|2.||Jeff Bezos||$142 Billion|
|3.||Bernard Arnaud||$136 Billion|
|4.||Bill Gates||$115 Billion|
|5.||Gautam Adani||$112 Billion|
In the same report, the first African Top net worth is Aliko Dangote at the #63 spot.
As a reminder, Aliko Dankote is the majority shareholder of the multinational company Dangote that operate in more than 10 counties in Africa.
The company specialize in the production and distribution of cement used in construction.
How Do People Accumulate their Net Worth?
Some people are born with a spoon in their mouth and thus net worth came in easy.
Or maybe they rose into fame as a movie star to build wealth and net worth.
One of my personal net worth stories is from two Ambani brothers depicted in the video below.
Rags to riches Stories example
Crazy, huh ?
Don’t you think ?
How Can You Start Growing your Net Worth?
They say money does not buy happiness but having money does not hurt either.
So, if you are thinking about building your net worth, it is never too early.
You can start by gathering your finances in our place such as your financial institution.
Then, you will be able to track all your assets and liabilities to find out your net worth.
The next step is to is to derive a plan to eliminate debt (if you have any).
Credits cards debt was reported to have reached a staggering all-time high in America in 2022 after a significant reduction during the high point of the pandemic.
Consumers were given free money by the government in order to offset the loss of income.
Below are some videos and recommendations you can put into action today on your journey to financial freedom.
Start your Own Internet based Business
Share your passion to help others solve a specific problem.
You have an expertise in an area millions of people in the world can benefit from today.
In the video below, one famous online marketer shares a path from How to go from $0 to Millionaire.
Mindset of a wealthy Person
Another important lesson in increasing your net worth is to realize that the opportunity is to big to pass up.
You most likely already have the knowledge, maybe the awareness part is what you need.
I leave you with this.
Your knowledge triggers awareness.
Awareness spotlights opportunity.
opportunity engaged with good preparation creates your desired results.
FINAL THOUGHTS ON AVERAGE PERSON NET WORTH
I shared what is the average person net worth in US households based on the latest Federal Reserve Survey.
Then Top net Worth across the globe were provided as well as tools you can leverage today to start building your own net worth.
Hold a Master Degree in Electrical engineering from Texas A&M University.
African born – French Raised and US matured who speak 5 languages.
Active Stock Options Trader and Coach since 2014.
Most Swing Trade weekly Options and Specialize in 10-Baggers !
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