Here's an interesting article from CNN Money. It has a bit of "down with the rich" tone that I dislike (they say the U.S. has the "top rank in one net worth measure -- wealth inequality") but it lists average and median net worths for Americans, two numbers I don't recall having seen together previously.
- Average American Net Worth: $301,000
- Median American Net Worth: $44,900
As they point out, a few very wealthy individuals bring up the average and that's why there's a big difference in the two numbers.
A few other interesting facts:
- Americans' median wealth puts us in 19th place in the world, below Japan, Canada, Australia and much of Western Europe.
- The median wealth of American families was $77,300 in 2010, a nearly 40% drop from 2007, according to Federal Reserve statistics. (due to the economic crisis)
- Australians have the highest median net worth, coming in at $219,500.
The article notes that "those down under have a mandatory retirement savings program, where they must squirrel away more than 9% of their income for their Golden Years, and they carry relatively low credit card and student loan debt." No wonder they have higher net worths -- they spend less and save more!!!
The piece says it's easier to borrow in America which eats away at a person's net worth. Yes, yes it does, especially if it's uncontrolled.
I was taken aback by the low net worth number. If most people have net worths in the $30,000 to $60,000 range, that's pretty poor IMO. What are these people going to do in retirement? How are they going to make it?
Anyone else have thoughts on these numbers?