Wealth Household Finance and Consumption Survey 2020 (2024)

FAQs

What is the wealth of households in 2020? ›

By Geography: Nationwide, median household net worth was around $139,000 in 2020, but it varied widely by state.

Median net wealth is €193,100 in 2020, up from €159,100 in 2018. See Figure 5.2 and Table 5.2. In 2020, household median net wealth is highest in the Eastern & Midlands region at €223,000, compared to €181,000 in the Southern region and €173,300 in the Northern & Western region.

Net financial wealth is the total value of any financial assets held less any financial debts, such as bank loans, credit cards and student loans from the Student Loans Company. Net property wealth is the total value of any properties owned less mortgage debt.

The Household Finance and Consumption Survey (HFCS) is a voluntary household survey carried out by the Central Statistics Office (CSO) under Section 24 of the Statistics Act, 1993. It is part of an EU-wide programme, under the auspices of the ECB, to collect household-level data on household's finances and consumption.

A study by the Economic Policy Institute (EPI) found that the average earnings of those in the top 10% were roughly $173,000 in 2020.

Median household income was $67,521 in 2020, a decrease of 2.9 percent from the 2019 median of $69,560 (Figure 1 and Table A-1). This is the first statistically significant decline in median household income since 2011.

The national average in 2022 was €41,824. For the top 1% of earners, the median earning for men was €285,672 while for women it was €277,613.

What household net worth is considered wealthy? ›

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.

According to Kiplinger, by 2025, entering the top 2% of America's wealth will require a net worth of approximately $2.7 million, marking the threshold for elite economic status. Last year, the Schwab Modern Wealth Survey revealed Americans believe it takes $2.2 million to feel wealthy.

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Between 2019 and 2022, the average American family's net worth increased by 23%. While the average net worth is upward of $1 million, the median net worth tells a very different story. Calculated this way, the typical American family has a net worth of $192,900.

The median household wealth in 2021 was $166,900. The 10th percentile of household wealth was zero dollars, meaning 1 in 10 households had wealth of zero dollars or less. The 90th percentile of household wealth was $1,623,000, meaning 1 in 10 households had wealth exceeding $1.6 million.

Total wealth includes net financial assets, net property assets, pension assets, and an adjusted measure of physical wealth (including cars, home contents, collectibles, etc.).

Source: U.S. Census Bureau, 2021 Survey of Income and Program Participation, public- use data. Table 1 presents the value of household wealth by percentile. The median household wealth in 2020 was $140,800. The 10th percentile of household wealth was –$1,450, meaning one in ten households had wealth of –$1,450 or less.