(NEXSTAR) — When you think about net worth, some of the world’s wealthiest people may come to mind, such as Jeff Bezos or even Oprah. But you don’t have to be a billionaire for it to matter.
Anyone can calculate their net worth, and it’s a great way to measure your financial health. The Federal Reserve released its Survey of Consumer Finances in October, outlining the average net worth of Americans by age — so you can see how you stack up to your peers.
According to the Federal Deposit Insurance Corporation (FDIC), net worth is your assets minus your liabilities. Simply put, it’s everything you own minus everything you owe.
Assets are things like your home and retirement investments. Liabilities include debts, such as student loans and car payments.
You can use the FDIC’s calculator here to determine your own net worth.
Americans’ average net worth by age
The Federal Reserve issues its Survey of Consumer Finances every three years. The most recent report includes data collected mainly in 2022.
Between 2019 and 2022, the median net worth of U.S. households surged 37% to $192,900, according to the report. The mean, or average, net worth increased 23% to $1,063,700.
You may be wondering why the mean is so much higher than the median net worth. That’s because the wealthiest households tend to drive the average up.
The Federal Reserve explained that several factors likely contributed to net worth increases in 2022, such as changes in the U.S. economy, the large number of families that reported “unusual income” in this recent survey and people saving more money early in the COVID-19 pandemic.
The following table includes both the median and average net worth, broken down by the age of the household head, or reference person. The survey uses the term “reference person” as not to pass judgement about how different families might be structured. Single people who are economically dominant are also considered reference persons.
| Age of family head (or reference person) | Median net worth | Average net worth |
| Less than 35 | $39,000 | $183,500 |
| 35-44 | $135,600 | $549,600 |
| 45-54 | $247,200 | $975,800 |
| 55-64 | $364,500 | $1,566,900 |
| 65-74 | $409,000 | $1,794,600 |
| 75+ | $335,600 | $1,624,100 |
Aside from net worth, the report also found that the homeownership rate increased slightly to 66.1% within those three years. For families who owned homes, the median net housing value rose from $139,100 in 2019 to $201, 000 in 2022, the survey noted.
Click here to view the full report.