The average net worth of physicians in 2024 (2024)

FAQs

The average net worth of physicians in 2024? ›

Twenty-eight percent of physicians have a net worth ranging between $2 million and $4.9 million in 2024, according to Medscape's 2024 "Physician Wealth & Debt Report," published June 12. An additional 25% of physicians have a net worth of less than $500,000, while 21% are worth $1 million to $1.9 million.

While doctors experience a significant salary increase in their thirties, they have large debts to pay off. Still, they can expect to have an average net worth of $500,000 if they have managed their finances carefully and have begun investing.

Job Outlook for Doctors in the United States in 2024

Each year, during that period, there is a projected 23,800 openings on average. Job growth, at 3%, is slower than the average for all occupations at 5%. Among physician jobs, only the psychiatric specialty is poised to grow faster than average, at 9%.

More than 25 percent of physicians in 2017 earned above $425,000 annually and the top 1 percent of physicians averaged $4 million in annual earnings — 10 times the average annual earnings in the sample and more than twice the average earnings in the top 5 percent.

In order to qualify as a millionaire, you must have assets worth $1 million or more. The 2021 physician wealth report showed that 56% of physicians reported a net worth of over $1 million. The majority of family physicians become millionaires by the age of 55 — only 11% had a $1 million net worth before 45.

About 60% of physicians reported a net worth of $1 million in 2024, up just 1% from 2023. Even with medical school loans taken into account, six in 10 physicians have a net worth that exceeds that of the average American family.

In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.

Given the years spent in undergrad (4 years), medical school (4 years), and a typical residency program (3 years), most doctors complete their training in their early to mid-30s.

Although doctors generally outlive the general population, the study highlights important factors that influence life expectancy within the medical profession. Key Points: The mean age at death for all medical specialties was 78.9 years.

Physicians, despite their high income, are vulnerable to financial instability due to factors like student loan debt, the cost of private practice, insurance reimbursem*nts, and lifestyle choices.

Can a doctor make $1 million a year? ›

Doctors in the top 10 percent averaged $1.3 million. And those in the top 1 percent averaged an astounding $4 million, though most of that (85 percent) came from business income or capital gains.

Physicians are the most common occupation among the top one percent of income earners and, despite the government's larger role in the market, we do not have a good understanding of how much physicians earn or how government payments shape their labor market choices.

1. Thirteen percent of anesthesiologists reported a net worth of more than $5 million. 2. Nineteen percent of anesthesiologists reported a net worth of less than $500,000.

Average physician compensation was $352,000 in 2022, up from $299,000 in 2018. About 59 percent of physicians reported family net worth exceeding $748,800 — the national average for an American family, according to the Federal Reserve. View the full report here.

On average, men stated that $4.1 million would provide a comfortable retirement, with women stating $3.6 million. Overall, the average for physicians was $3.9 million. At these levels, physicians have typically funded about 77% of their desired amount.

How Much Do the Highest-Paid Doctors Make? The highest-paid physicians in the US are in surgical and procedural specialties such as neurosurgery, thoracic, and orthopedic surgery. These physicians earn an average annual salary of $600,000 or higher.

Some doctors retire with different net worths ranging from $1 million to $5+ million. Again, it depends on your goals, when and how much you save, and how you invest your money. No matter their lifestyle, $10 million isn't required for anyone to retire.

Average income for physicians increased

However, the averages differ significantly across two physician groups: primary care providers took home an average of $277,000 this year (a $12,000 increase from last year's $265,000 average), whereas specialists averaged $394,000 in 2023 (up from $382,000 in 2022).

Neurosurgeons are the highest paid doctors, earning an average salary of $788,313 per year. That's based on Doximity's 2023 Physician Compensation Report, which surveyed more than 190,000 licensed physicians in the US about their earnings.