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Key points

• Average net worth peaks between ages 70 and 74.
• The state with the lowest average net worth is Louisiana. 
• The wealthiest state by net worth is Hawaii.

Net worth is a measure of financial stability calculated as your total assets minus your total liabilities.

One way to determine whether you’re in good financial health is to compare your net worth to your peers’. We’ve broken down the average net worth by age so you can see where you stand.

What is net worth?

Your net worth is your assets minus your liabilities. This gives you the net amount you’d have left after paying off your debts. 

Assets

Assets are cash or anything that can be sold for cash. They include financial assets like savings accounts and investments. Physical assets like your home, vehicles and jewelry can also count toward your net worth. 

Some net worth calculations exclude your primary residence. That’s because you’d have nowhere to live if you sold it.

Liabilities

Liabilities are what you owe, such as your mortgage, any loans you hold and your outstanding bills. Your credit card balances are also a liability since this is money you owe.

How to calculate net worth

Before calculating your net worth, compile your assets and liabilities. Then, subtract your total liabilities from your total assets. 

You can list everything you own, from your bank and investment accounts to your jewelry and art. Add the fair market value for these items in one column. In another, tabulate your debts. Subtract the total in the liabilities column from the total in the assets column to calculate your net worth.

The Federal Deposit Insurance Corp. provides an to help calculate your net worth.

Why knowing your net worth is important

Your net worth is a barometer of your financial health. A positive net worth is a good sign. It means you have more assets than you need to pay your debts. A negative net worth may indicate you should make changes.

Knowing your net worth can help you make better financial decisions. For example, a negative net worth might suggest you should wait to buy a new car. A positive net worth may give you the green light to buy a home.

Younger age groups generally have lower net worth. As you progress in your career and accumulate wealth and assets, your net worth tends to increase. It often peaks right before retirement. 

Average net worth by age in the U.S. 

The U.S. Census Bureau conducts annual surveys to gauge Americans’ net worth. We pulled data from the most recent survey from 2022 to determine the average net worth by age.

The survey included data from all states except Alaska, Delaware, the District of Columbia, North Dakota, South Dakota, Vermont and Wyoming, where the sample size was too small. The data didn’t include pension plans or the value of home furnishings in asset calculations. 

The average net worth by age provides insights into different age groups’ wealth distribution and financial well-being. It can highlight patterns and trends related to wealth accumulation and economic disparities across various life stages.

Having a benchmark to measure yourself against can help you invest and set savings goals. But worrying about how you stack up against your peers nationwide may be counterproductive. Patience and consistency are crucial no matter where you are in your financial life.

Related: How much does a financial advisor cost?

Average net worth by age 

The following table shows the average net worth by age and net worth excluding home equity. Some experts believe the latter is a more accurate representation of net worth. That’s because if you sold your home for cash, you’d have nowhere to live.

Average net worth peaks between ages 70 and 74. This is also the only age group whose average net worth increased from 2021 to 2022.

AGE OF HOUSEHOLDER	AVERAGE NET WORTH	NET WORTH (EXCLUDING HOME EQUITY)
Less than 35 years	$148,300	$96,310
35 to 44 years	$356,700	$224,800
45 to 54 years	$568,800	$378,600
55 to 64 years	$717,500	$510,400
65 to 69 years	$773,700	$561,100
70 to 74 years	$860,100	$603,000
75 and over	$737,100	$500,400

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Average net worth by generation

We then broke down the average net worth across the country by generation, defined as follows:

• Generation Z: born between 1997 and 2012.
• Millennials: born between 1981 and 1996.
• Generation X: born between 1965 and 1980.
• Baby boomers: born between 1946 and 1964.
• Silent generation: born between 1928 and 1945.

AGE OF HOUSEHOLDER BY GENERATION	AVERAGE NET WORTH	NET WORTH (EXCLUDING HOME EQUITY)
Generation Z	$69,110	$47,190
Millennial	$244,900	$153,200
Generation X	$557,900	$374,000
Baby boomer	$787,400	$562,300
Silent generation	$707,400	$475,700

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Average net worth by education

Education also affects net worth. Each level you complete may give you access to higher-paying jobs.

HIGHEST LEVEL OF EDUCATIONAL ATTAINMENT IN THE HOUSEHOLD	AVERAGE NET WORTH	NET WORTH (EXCLUDING HOME EQUITY)
No high school diploma	$128,300	$63,310
High school graduate only	$226,400	$135,700
Some college, no degree	$298,500	$178,300
Associate degree	$376,500	$227,700
Bachelor’s degree	$670,400	$472,600
Graduate or professional degree	$1,026,000	$747,200

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Average net worth by race or ethnicity

According to The Brookings Institution, white adults experience greater upward career mobility and earn higher wages than Black and Latino or Hispanic adults. The Pew Research Center said Asian Americans were “considerably more likely” to live in upper-income households in 2022 than Americans overall. 

As the following table shows, these factors can lead to net worth differences over time.

ETHNICITY OF HOUSEHOLDER	NET WORTH	NET WORTH (EXCLUDING HOME EQUITY)
White alone	$585,100	$406,500
White alone, not Hispanic	$645,300	$454,300
Black alone	$202,200	$120,900
Asian alone	$839,000	$563,200
Other (residual)	$372,000	$229,900
Hispanic origin (any race)	$286,100	$171,000
Not of Hispanic origin	$585,900	$406,400

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States in the U.S. with the lowest net worth

Net worth varies geographically because income and the market value of physical assets, such as your home, are largely location-dependent. 

The states with the lowest average net worth are primarily in the South. Louisiana has the lowest net worth, with an average of $226,700. This drops to $137,500 if we exclude home equity. Louisiana residents also have among the fewest assets at financial institutions, with an average of $24,260 and $128,900 saved for retirement.

Rhode Island has the 10th-lowest average net worth at $355,100.

States with the lowest net worth in 2022

RANK	STATE	AVERAGE NET WORTH	NET WORTH (EXCLUDING HOME EQUITY)
1	Louisiana	$226,700	$137,500
2	Mississippi	$254,200	$160,600
3	Alabama	$259,000	$151,700
4	New Mexico	$263,800	$154,100
5	Arkansas	$280,600	$184,200
6	Oklahoma	$302,300	$203,700
7	Missouri	$339,600	$240,000
8	West Virginia	$344,900	$250,000
9	Indiana	$345,300	$229,200
10	Rhode Island	$355,100	$197,000

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Wealthiest states in the U.S. by net worth

Looking at the numbers alone, the states with the highest net worth appear to be in a different country entirely from the states with the lowest net worth. The wealthiest state in the nation has an average net worth, excluding home equity, of more than four times the state with the lowest net worth.

Hawaii tops the list with the highest average net worth. That’s despite having the 12th-lowest average personal income, according to the Bureau of Economic Analysis. This disparity is partly due to Hawaii residents having the second-highest amount of equity in their homes at $604,900 on average.

It may be surprising that New York is not on the list of wealthiest states since the average annual personal income is roughly $1.5 million, according to the BEA. But remember that personal income is not part of net worth, which is derived from savings and assets. You can’t grow your net worth if you spend every dollar you make.

States with the highest net worth in 2022

RANK	STATE	AVERAGE NET WORTH	NET WORTH (EXCLUDING HOME EQUITY)
1	Hawaii	$1,016,000	$594,700
2	California	$791,800	$480,100
3	Massachusetts	$750,800	$537,000
4	Washington	$738,900	$463,400
5	Maryland	$729,700	$545,000
6	Colorado	$721,600	$474,600
7	New Jersey	$697,100	$506,800
8	Maine	$692,800	$484,500
9	Utah	$691,900	$455,600
10	Virginia	$648,400	$469,200

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How to increase your net worth

Net worth is the difference between your assets and your liabilities. To increase your net worth, you must either increase your assets or decrease your liabilities. Here are some strategies:

• Increase your income.
• Increase your savings.
• Keep your savings in high-interest accounts.
• Build equity in your home.
• Reduce your expenses.
• Pay off existing debt, particularly high-interest debt.
• Consider consolidating or refinancing your debt for a lower interest rate.
• Avoid taking on more debt, including credit card debt.

Frequently asked questions (FAQs)