The goal of Free Money Finance is to help you grow your net worth. And while I've suggested ways to calculate and compare your net worth (see How to Compute Your Net Worth and Check Your Financial Progress, How to Compute Your Net Worth, How High Your Net Worth Should Be, and Be Sure to Do It Once A Year and How to Determine if You're Wealthy), I don't think I've ever shared official net worth numbers from the government. So here they are, the median net worths as well as the net worths for the top 25% and top 10% of people in the U.S. for various age categories:
Median Net Worth: $7,900
Top 25%: $36,000
Top 10%: $119,300
Median Net Worth: $44,200
Top 25%: $128,100
Top 10%: $317,800
Median Net Worth: $117,800
Top 25%: $338,100
Top 10%: $719,800
Median Net Worth: $182,300
Top 25%: $563,800
Top 10%: $1,187,600
Median Net Worth: $209,200
Top 25%: $647,200
Top 10%: $1,429,500
Source: Federal Reserve Board's 2004 Survey of Consumer Finances
A few thoughts on these numbers:
1. If you're above these levels for your age, it doesn't mean you're doing well. Just because you're 65 and have a net worth of $300,000 (almost 50% higher than the median) doesn't mean you're in good financial shape. In fact, it's more of a reflection on how little everyone else has saved.
2. These are broad age ranges, so your particular spot in them needs to be kept in perspective. For instance, someone who's 40 and has a net worth of $117,800 is much better off than someone who's 49 with the same net worth -- though this info lumps them in the same class.
3. I'm surprised how small the median net worths are at all the levels. Boy, we're not accumulating much wealth, are we?
4. My net worth is near the "top 10%" net worth for the age range ABOVE my actual age range -- and I'm at the low end on my personal age range, so I have several more years in this range before I bump to the next one. So I guess that means I'm doing ok. That said, I have a big retirement number to save up for, so I'm not satisfied with where I am.
So, where do you fall in your age group? Are you happy with it? What are you doing about it?