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One of the lesser-known rules of personal finance is that wealth is relative. A net worth of $500,000 might be a fortune in some places and barely enough in others.
That’s why tracking your net worth against the national average and different percentiles can give you a clearer picture of your progress toward financial freedom.
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With that in mind, here’s the latest available government data on how much wealth it takes to be in the top 10% of all Americans.
America’s top 10%
The Federal Reserve is arguably the best source of data on national net worth. It has unmatched insight into how Americans earn, spend, save, invest and borrow.
According to the Federal Reserve’s most recent Survey of Consumer Finances (1), 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 about ten times higher than the median because it is skewed by ultra-wealthy individuals like Jeff Bezos and Mark Zuckerberg.
Still, it’s a useful benchmark. Being a millionaire or billionaire in America puts you ahead of most, and much further ahead than the middle of the pack.
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 one in 10 American households has a net worth above that threshold, and it gets even tighter as you near the top 1%.
If you count yourself among these households, you might need a reliable suite of tools and advisors for managing your wealth. For high-net-worth individuals, services like Range can offer all-in-one wealth management, including taxes, investments and estate planning.
Range’s clients receive 24/7 expert advice and personalized strategies, created by CFPs and backed by AI, allowing for complete portfolio customization plus wealth management services. That way, you can create a plan to keep your net worth high and stay in the top 10%. Their services also include complex financial planning, such as backdoor Roth IRA contributions and tax segmentation analysis.
Many advisors of this calibre charge anywhere from 0.5% to 2% in asset under management (AUM) fees. Range, on the other hand, offers flat-fee pricing with 0% AUM fees for advisorial services, meaning there’s no percentage-based draw on your finances as your wealth grows. Plus, you can book a free demo with the Range team today to understand exactly how their platform could benefit you.
If you’re a multi-millionaire, you can safely consider yourself among the affluent. Your family likely enjoys access to better housing and education than most.
That said, 2022 was a while ago, and this data is likely outdated. If you’re trying to crack the top 10% in 2025 or beyond, you might need to aim a little higher than $2 million.
Read more: Warren Buffett used 8 solid, repeatable money rules to turn $9,800 into a $150B fortune. Start using them today to get rich (and stay rich)
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.
Since 2022, the S&P 500 has jumped roughly 64% (3), boosting the portfolios of many affluent families and potentially raising the bar for the top 10%.
Meanwhile, consumer price inflation (CPI) has averaged about 3.25% annually since 2022, according to SmartAsset (4). This means cumulative inflation is around 10% over the past three years; your dollar buys 10% less than it did then.
Taking all of this into account, it’s safe to estimate that the current minimum net worth for joining the top 10% sits closer to $2.2 million.
For most Americans — that middle band of median earners — reaching that milestone may take a lifetime of exceptional earnings, diligent saving, savvy investments and successful business ventures. Or even a lucky inheritance.
But you don’t have to do it alone. Finding a good financial planner during the early stages of your search for wealth could make or break joining the multi-millionaire club. Then, once you’re established, you can consider taking advantage of more complex investment and tax instruments.
If you’re looking for advice on how to expand your wealth and meet financial goals like these, one option is to find a trusted financial advisor through Advisor.com.
How it works is simple — just answer a few quick questions about yourself and your finances. Then the platform will match you with up to three experienced and pre-vetted financial professionals to help you develop a plan to grow your wealth and make more informed investment decisions.
The best part? You can view the advisors’ profiles, read past client reviews and schedule an initial consultation for free with no obligation to hire.
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Article sources
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The Federal Reserve (1); Smart Asset (2)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.