2023 American Net Worth Statistics

Average Net Worth by Age:

•The average American net worth is $748,800, with a median of $121,700.

Average net worth varies by age:

Net Worth by Race:

Average net worth varies by race:

  • White: $983,400

  • Multi-racial: $486,800

  • Hispanic/Latino: $203,300

  • Black: $146,800

Net Worth by Education:

Education impacts net worth:

  • No high school diploma: $137,800

  • High school diploma: $305,200

  • Some college: $376,400

  • College degree: $1.52 million

Net Worth Over Time:

  • Median net worth increased by 34% between 2010 and 2019.

  • Median net worth varied over the years, influenced by economic factors and age groups.

Other Factors Impacting Net Worth:

  • Homeownership leads to higher net income.

  • Gender gap: Men's median net worth is 120% higher than women's.

  • Location matters: Hawaii has the highest median net worth ($373,200), while Mississippi has the lowest ($40,280).

  • Average Bank Account Balance:

    The average bank account balance is $10,545, varying by age.

    • Under 35: $11,250
    • 35-44: $27,910
    • 45-54: $48,200
    • 55-64: $57,670
    • 65-74: $60,410
    • 75+: $55,320

  • Average Retirement Account Balance:

    The average retirement (401k) account balance is $141,542, varying by age.

    • Under 25: $6,264
    • 25-34: $37,211
    • 35-44: $97,020
    • 45-54: $179,200
    • 55-64: $256,244
    • 65+: $279,997

  • Average Personal Debt:

    The average American has $90,460 in debt, varying by generation.

    • Gen Z: $9,593
    • Millennials: $78,396
    • Gen X: $135,841
    • Baby Boomers: $96,984
    • Silent Generation: $40,925

    Source: Zippia 2023

Assisting Affluent Families with Effective Estate Planning:

At Sun Group Wealth Partners, we understand that estate planning for affluent families involves complex considerations. Our professional team is dedicated to providing comprehensive strategies that have the goal of preserving your wealth, addressing your unique family dynamics, and designed for a lasting legacy.

Here's how we can help:

  • Personalized Estate Plans:

    We work closely with you to understand your family's values, goals, and priorities. Our advisors design personalized estate plans that reflect your wishes while maximizing tax efficiency and minimizing potential conflicts.

  • Wealth Preservation:

    Preserving your wealth for future generations is paramount. Our strategies encompass wealth transfer techniques, trust structures, and gifting strategies that minimize estate taxes and ensure a smooth transition of assets.

  • Multigenerational Planning:

    We recognize the importance of sustaining your legacy across generations. Our team assists in crafting multigenerational plans that address the evolving needs of your family with a goal of maintaining financial security.

  • Complex Asset Management:

    Affluent families often possess diverse and intricate asset portfolios. We offer sophisticated investment strategies that align with your estate planning goals, taking into account your risk tolerance and desired outcomes.

  • Business Succession Planning:

    If you own a business, we collaborate on seamless business succession plans that ensure a smooth transition of ownership while protecting the continuity of your enterprise.

  • Charitable Giving Strategies:

    We help you integrate philanthropic goals into your estate plan. Our advisors guide you in establishing charitable trusts, foundations, and other giving strategies that align with your values.

  • Asset Protection:

    Our team assists in shielding your assets from potential creditors and liabilities, which strives to conserve your family's financial security with insurance.

  • Comprehensive Legal Support:

    We work closely with legal professionals to draft and review your estate planning documents, including wills, trusts, and powers of attorney, to ensure they are legally sound and aligned with your intentions.

  • Regular Plan Reviews:

    Estate planning is an ongoing process. We conduct regular reviews to adapt your plan to any changes in laws, family dynamics, or financial circumstances, ensuring its continued effectiveness.

  • Family Education and Communication:

    We facilitate open communication among family members about the estate plan, promoting transparency and a shared understanding of your intentions.

At Sun Group Wealth Partners, we are committed to helping affluent families navigate the complexities of estate planning, providing a sense of confidence that your legacy and wealth are in professional hands. Contact us to learn more about how we can tailor our strategies to suit your specific needs.

Sun Group Wealth Partners is a registered representative with, and securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Sun Group Wealth Partners, a registered investment advisor and a separate entity from LPL Financial.