Average Wealth of Americans

Average Wealth of Americans

In the United States is considered as Net Worth. Net Worth is Calculated as Total number of Assets minus total number of liabilities. It means that what you own (Assets) – What you owe.

Say for Example, if you own a Car worth of US $ 300,000 and you have a car loan of $ 100,000 than your Net Worth is US $ 200,000. Thus, you have to calculate all of your assets and subtract all of yur liabilities from your assets.

The Wealth Distribution in United States is very uneven. Just 25% of the households of United States own total 87% of the Total Wealth according to 2004 data. And this is a very common phenomena worldwide.

Across all groups, the 2007 median net worth was $120,300 and the mean was $556,300 (guys like Bill Gates and Warren Buffett really mess things up).

Here are a few of the more interesting ones (2007 median data, 2007 dollars):
Current work status of head:

• Working for someone else: $350,100
• Self-employed: $1,961,300
• Retired: $543,100
• Other not working: $124,100

Race or ethnicity of respondent:

• White non-Hispanic: $692,200
• Nonwhite or Hispanic: $228,500

Housing status:

• Owner: $778,200
• Renter or other: $70,600

The easiest way to see how you stack up is by using CNN Money’s Net Worth calculator. I don’t know how fresh the data is, they only cite Nielsen Claritas as their source (with no date), but it’s good enough for our entertainment purposes. They offer two median net worth charts, one based on your income and one based on your age (the two charts are independent).

Age:

• < 25: $1,475
• 25 – 34: $8,525
• 35 – 44: $51,575
• 45 – 54: $98,350
• 55 – 64: $180,125
• 65+: $232,000

Income:

• < $25K: $1,250
• $25K – $49K: $34,375
• $50K – $74K: $168,500
• $75K – $99K: $301,475
• $100K – $124K: $301,475
• $125K – $149K: $644,100
• $150K+: $1,122,900

So now check that weather your current net worth is above the average standards or below it? Tell me that where do you stand in the above wealth averages of the Americans?