Household wealth in the U.S. is rising, but unevenly
Household wealth changed meaningfully between 2019 and 2022, and the gap between groups still matters more than any single headline number. The data below shows broad gains, but it also shows how age, income, homeownership, education, and race shape what those gains look like in real life (Federal Reserve SCF 2022).
Table of contents
- Fast facts
- What changed from 2019 to 2022
- Wealth by income
- Wealth by age
- Wealth by education
- Wealth by race and ethnicity
- Homeowners and renters
- Assets and account ownership
- How U.S. wealth compares with the OECD snapshot
Fast facts
- Median net worth for all U.S. families rose from $141.1 thousand in 2019 to $192.9 thousand in 2022, a 37% increase (Federal Reserve SCF 2022).
- Mean net worth for all U.S. families rose from $868.0 thousand in 2019 to $1,063.7 thousand in 2022, a 23% increase (Federal Reserve SCF 2022).
- The bottom quartile of the net worth distribution still had a negative mean net worth in both years, moving from negative $15.7 thousand to negative $5.3 thousand (Federal Reserve SCF 2022).
- Homeowner families had a median net worth of $396.2 thousand in 2022, far above the $10.4 thousand median for renter or other non-homeowner families (Federal Reserve SCF 2022).
- Families younger than 35 had median net worth of $39.0 thousand in 2022, while families aged 65 to 74 had $409.9 thousand (Federal Reserve SCF 2022).
- The share of families directly owning stocks rose to 21.0% in 2022, but the conditional median value of directly held stocks fell to $15.0 thousand (Federal Reserve SCF 2022).
The overall wealth trend is up, but the distribution remains the real story.
What changed from 2019 to 2022
The most important pattern in the Federal Reserve SCF 2022 data is simple: most groups saw wealth rise, but the size of the gains varied widely. For all U.S. families, median net worth increased from $141.1 thousand in 2019 to $192.9 thousand in 2022, while mean net worth increased from $868.0 thousand to $1,063.7 thousand (Federal Reserve SCF 2022). That gap between the median and the mean matters because it points to concentration at the top. The mean is pulled upward by very wealthy families, while the median describes the middle family more closely.
A few other system-level numbers help frame the shift:
- Conditional median total asset holdings for families holding any asset rose from $263.8 thousand to $332.6 thousand (Federal Reserve SCF 2022).
- Conditional mean total asset holdings rose from $997.2 thousand to $1.1943 million (Federal Reserve SCF 2022).
- The share of families holding any financial asset rose from 98.7% to 99.0% (Federal Reserve SCF 2022).
- The share of families with transaction accounts rose from 98.2% to 98.6% (Federal Reserve SCF 2022).
These changes suggest that more families participated in mainstream financial accounts, but ownership rates alone do not tell you how much wealth those accounts actually hold. The value figures are more informative than the ownership shares when the goal is to understand household wealth statistics at a deeper level.
Wealth by income
Income and wealth are related, but the relationship is not linear. Higher-income families generally hold more wealth, yet the jumps between groups can be dramatic.
| Usual income group | Median net worth in 2019 | Median net worth in 2022 | Change |
|---|---|---|---|
| Below 20th percentile | $11.3 thousand | $14.0 thousand | 24% |
| 20th to 39.9th percentile | $51.1 thousand | $71.0 thousand | 39% |
| 40th to 59.9th percentile | $107.7 thousand | $159.3 thousand | 48% |
| 60th to 79.9th percentile | $230.8 thousand | $307.2 thousand | 33% |
| 80th to 89.9th percentile | $443.2 thousand | $747.0 thousand | 69% |
| Top decile | $1.8423 million | $2.5562 million | 39% |
The steepest relative increase in this series came from families in the 80th to 89.9th percentile of usual income, where median net worth jumped 69% to $747.0 thousand (Federal Reserve SCF 2022). That growth was larger than the increase for the top decile, which still ended at $2.5562 million median net worth in 2022.
Two things stand out. First, the lower-income groups did gain wealth, but their base was so small that even a percentage increase leaves them far behind the middle and upper groups. Second, the top of the income distribution already held a large financial cushion, so even a similar percentage gain translated into a much larger dollar increase.
A useful way to read the data is to think in layers:
- The bottom 20% moved from a very low starting point to a still-low $14.0 thousand median net worth (Federal Reserve SCF 2022).
- Middle-income families moved into the six-figure range, with the 40th to 59.9th percentile reaching $159.3 thousand (Federal Reserve SCF 2022).
- Higher-income families moved into a range where asset composition, not just savings, likely mattered more to the final total (Federal Reserve SCF 2022).
Wealth by age
Age is one of the clearest predictors of wealth accumulation because it tracks both time and career stage.
Families younger than 35 had median net worth of $39.0 thousand in 2022, up from $16.1 thousand in 2019, a 143% increase (Federal Reserve SCF 2022). That is the fastest growth rate in the age series, but it still left the youngest group near the bottom of the wealth ladder. By contrast, families aged 65 to 74 had median net worth of $409.9 thousand in 2022, the highest among the age groups listed (Federal Reserve SCF 2022).
| Age group | Median net worth in 2019 | Median net worth in 2022 | Change |
|---|---|---|---|
| Younger than 35 | $16.1 thousand | $39.0 thousand | 143% |
| 35 to 44 | $105.9 thousand | $135.6 thousand | 28% |
| 45 to 54 | $195.4 thousand | $247.2 thousand | 27% |
| 55 to 64 | $246.3 thousand | $364.5 thousand | 48% |
| 65 to 74 | $308.8 thousand | $409.9 thousand | 33% |
| 75 or older | $295.4 thousand | $335.6 thousand | 14% |
The broad pattern is easy to read. Wealth rises through midlife, peaks in the 60s, and then softens slightly in the oldest group. That is consistent with a lifecycle view of household balance sheets. Younger families are still building assets, middle-aged families are often at or near peak earning years, and older households may be drawing down some of those assets or holding more conservative portfolios.
The biggest absolute jump occurred between 55 to 64 and 65 to 74, where the median reached $409.9 thousand (Federal Reserve SCF 2022). Even so, the 75-or-older group remained well above the youngest and middle-age groups, which shows how durable accumulated wealth can be over time.
Wealth by education
Education is another strong wealth marker, but the table below shows it is not just about credentials. It is also about access to better-paying work, stability, and the ability to accumulate assets over time.
| Education group | Median net worth in 2019 | Median net worth in 2022 | Change |
|---|---|---|---|
| No high school diploma | $23.7 thousand | $38.1 thousand | 60% |
| High school diploma | $85.8 thousand | $106.8 thousand | 24% |
| Some college | $102.9 thousand | $136.5 thousand | 33% |
| College degree | $357.3 thousand | $464.6 thousand | 30% |
The most striking detail here is the distance between a college degree and the other levels. Families with a college degree had median net worth of $464.6 thousand in 2022, more than four times the median for families with only a high school diploma and well above the $38.1 thousand median for families with no high school diploma (Federal Reserve SCF 2022).
There is a second pattern worth noting. The move from high school to some college did not produce a huge leap, but the move from some college to a completed college degree did. That suggests the credential itself remains a meaningful dividing line in household wealth statistics.
Wealth by race and ethnicity
The racial and ethnic wealth figures show some of the largest and most persistent gaps in the data. These differences are visible in both median and mean net worth, which means the gap is not only about a few outliers at the top.
| Group | Median net worth in 2019 | Median net worth in 2022 | Mean net worth in 2019 | Mean net worth in 2022 |
|---|---|---|---|---|
| White non-Hispanic | $218.1 thousand | $285.0 thousand | $1.1400 million | $1.3672 million |
| Black or African American non-Hispanic | $28.0 thousand | $44.9 thousand | $165.1 thousand | $211.5 thousand |
| Hispanic or Latino | $41.9 thousand | $61.6 thousand | $191.9 thousand | $227.5 thousand |
| Other or multiple-race | $86.4 thousand | $132.9 thousand | $761.8 thousand | $849.8 thousand |
White non-Hispanic families had median net worth of $285.0 thousand in 2022, compared with $44.9 thousand for Black or African American non-Hispanic families and $61.6 thousand for Hispanic or Latino families (Federal Reserve SCF 2022). That is a large spread, and it remains visible even when using the mean. The mean net worth for White non-Hispanic families reached $1.3672 million in 2022, which again reflects the pull of high-end wealth within the group (Federal Reserve SCF 2022).
The changes from 2019 to 2022 were positive in every listed group, but the scale of the gains did not erase the structure of the gap. Black or African American non-Hispanic families saw median net worth rise 60% to $44.9 thousand, and Hispanic or Latino families rose 47% to $61.6 thousand (Federal Reserve SCF 2022). Those are solid gains in percentage terms, but the resulting dollar levels still remained far below the White non-Hispanic median.
Homeowners and renters
Homeownership is one of the strongest dividing lines in household wealth statistics because it changes the asset base directly. It also helps explain why housing shows up so prominently in net worth calculations.
| Housing status | Median net worth in 2019 | Median net worth in 2022 | Mean net worth in 2019 | Mean net worth in 2022 |
|---|---|---|---|---|
| Homeowner families | $295.5 thousand | $396.2 thousand | $1.2775 million | $1.5309 million |
| Renter or other non-homeowner families | $7.3 thousand | $10.4 thousand | $110.6 thousand | $154.9 thousand |
The contrast is sharp. Homeowner families had median net worth of $396.2 thousand in 2022, while renter or other non-homeowner families had $10.4 thousand (Federal Reserve SCF 2022). That is not a small gap; it is a structural separation between balance-sheet types.
The conditional median net housing value for homeowner families also rose from about $139.1 thousand in 2019 to $200.0 thousand in 2022, a 44% increase (Federal Reserve SCF 2022). That increase helps explain why owner households moved so far upward in net worth.
A related housing metric shows another pressure point: the ratio of median home value to median family income rose to over 4.6 in 2022 from 4.2 in 2007 (Federal Reserve SCF 2022). That ratio matters because it hints at a tougher affordability environment, where the cost of getting into ownership can outpace household income.
Families in metropolitan statistical areas had median net worth of $206.4 thousand in 2022, while families in non-MSAs had $133.8 thousand (Federal Reserve SCF 2022). That is a smaller gap than the homeowner-renter divide, but it still shows that location and housing market structure matter.
Assets and account ownership
Wealth is not just a single number. It is the result of the assets families hold and the accounts they use. The 2022 data shows a broad increase in ownership rates across several categories, but the values behind those categories can move in very different directions.
- The share of families holding retirement accounts rose from 50.5% to 54.3% (Federal Reserve SCF 2022).
- The conditional median value of retirement accounts rose from $75.3 thousand to $86.9 thousand (Federal Reserve SCF 2022).
- The share of families directly owning stocks rose from 15.2% to 21.0% (Federal Reserve SCF 2022).
- The conditional median value of directly held stocks fell from $29.0 thousand to $15.0 thousand (Federal Reserve SCF 2022).
- The share of families holding pooled investment funds rose from 9.0% to 11.5% (Federal Reserve SCF 2022).
- The share of families holding primary residences rose from 64.9% to 66.1% (Federal Reserve SCF 2022).
- The conditional median value of transaction accounts rose from $6.1 thousand to $8.0 thousand (Federal Reserve SCF 2022).
That combination is important because it shows that ownership and valuation can move in opposite directions. More families owned stocks directly in 2022, but the typical value of those holdings was lower. That can happen when ownership broadens into smaller positions or when portfolio composition changes.
The stronger signal is that retirement accounts and housing both increased in value. Those two categories are often central to household wealth accumulation, so even moderate gains there can matter a great deal in the final balance sheet.
Another way to read the asset data is to separate participation from size:
- Participation rose in financial accounts, retirement accounts, stocks, pooled funds, and primary residences (Federal Reserve SCF 2022).
- Value growth was strongest in housing and broad asset holdings, not in every individual market asset category (Federal Reserve SCF 2022).
- The bottom quartile still showed very low wealth and negative mean net worth, which means access to assets is not distributed evenly (Federal Reserve SCF 2022).
How U.S. wealth compares with the OECD snapshot
The OECD distribution figure in the dataset provides a wider lens. Across the 28 OECD countries covered, the wealthiest 10% of households held 52% of total household wealth on average, while the 60% least wealthy households owned little over 12% (OECD Wealth Distribution Database).
That comparison is useful because it places the U.S. data in a broader pattern of concentration. It does not give a direct U.S. ranking, but it does show what a concentrated wealth distribution looks like across advanced economies. When the top decile controls more than half of total wealth on average, the middle and lower segments necessarily operate with a much smaller share of the pie (OECD Wealth Distribution Database).
The U.S. SCF numbers fit that general picture. The median family moved up, many groups gained wealth, and ownership rates improved, but the difference between the mean and median still points to concentrated holdings at the top (Federal Reserve SCF 2022). That is the core takeaway from the household wealth statistics dataset: gains were real, but they were layered on top of a distribution that remains highly unequal.