Update on Household Wealth in America

Since the Federal Reserve released its 2022 Survey of Consumer Finances (SCF), the financial landscape for American households has undergone a significant transformation. While the 2022 data captured a historic surge in wealth driven by the post-pandemic recovery, skyrocketing home values, and robust fiscal stimulus the period between then and today has been defined by a transition from "stimulus-driven growth" to "asset-driven divergence." The drivers of family wealth have shifted from broad-based government support and record-low interest rates to a regime of high borrowing costs, persistent equity market outperformance, and a locked-in housing market.

The primary variables driving family wealth today are vastly different from the survey window. First, the "lock-in effect" of mortgage rates has created a massive divide in real estate equity. Families who secured 3% mortgages prior to 2022 have seen their home equity swell as prices remained resilient due to low inventory, while prospective buyers face the double headwind of high prices and 7% rates. Second, the concentration of wealth in public equities has intensified. With the S&P 500 reaching record highs driven by the technology sector, households in the top deciles—who hold the vast majority of stock market exposure—have seen their net worths outpace inflation significantly. Conversely, lower-income families, whose wealth is more heavily weighted toward cash and vehicles, have seen the real value of their holdings eroded by the cumulative impact of 2022-2024 inflation.

To bridge the gap between the official 2022 SCF figures and today’s environment, the following table provides a percentile-by-percentile breakdown. These figures estimate today's values by applying realized asset class growth, specifically the S&P 500's appreciation, Case-Shiller home price index changes, and CPI adjustments, to the base 2022 distribution. Of note, the below table's values are per Primary Economic Unit (PEU). PEUs are similar to households and consist of an economically dominant single person or couple (whether married or living as partners) and all other persons in the household who are financially interdependent with them.

U.S. Household Net Worth Percentiles: 2022 vs. Today

%	2022 SCF	Today (Est.)	Explanatory Remarks
1	-$76,500	-$84,800	Deep negative net worth; typically student/medical debt.
2	-$45,400	-$50,300	Debt service costs outpace income at this level.
3	-$26,500	-$29,400	Negative equity in vehicles and credit card debt.
4	-$15,000	-$16,600	High debt-to-income ratio; no significant assets.
5	-$9,900	-$10,900	Transition point toward low-positive net worth.
6	-$4,400	-$4,900	Minimal savings often wiped out by emergency costs.
7	-$800	-$900	Effectively "Zero Wealth" households.
8	$0	$0	The mathematical floor for the bottom decile.
9	$200	$210	Primarily small cash balances in checking accounts.
10	$400	$430	10th Percentile: Minimal liquid assets.
11	$1,000	$1,100	Modest savings/checking balances.
12	$2,600	$2,800	Value held almost entirely in used vehicles.
13	$4,100	$4,400	Renters with small emergency funds.
14	$5,200	$5,600	First signs of workplace retirement contributions.
15	$6,500	$7,000	Growth driven by high-yield savings interest.
16	$7,700	$8,300	Households vulnerable to inflationary pressure.
17	$9,300	$10,000	Reaching five-figure net worth in today's dollars.
18	$10,400	$11,200	Mix of cash and older vehicle equity.
19	$11,800	$12,700	Beginning of more stable saving patterns.
20	$13,500	$14,600	20th Percentile: Entry to second quintile.
21	$15,600	$16,800	High exposure to cash and liquid assets.
22	$18,000	$19,400	Low exposure to equity markets.
23	$20,700	$22,300	Primarily vehicle equity and basic savings.
24	$23,300	$25,100	Minimal impact from home price appreciation.
25	$27,000	$29,100	25th Percentile: The lower-middle class floor.
26	$30,300	$33,000	Impact of rising wages on bank balances.
27	$34,200	$37,500	Small retirement accounts seeing market gains.
28	$39,400	$43,100	Transition toward owning more than one asset.
29	$44,700	$49,000	Renters with consistent 401(k) contributions.
30	$51,400	$56,500	30th Percentile: First significant home equity.
31	$57,000	$63,000	Leveraging housing gains in non-coastal markets.
32	$62,600	$69,400	Homeownership becomes a primary wealth driver.
33	$67,500	$75,100	Benefit of low-interest mortgage "lock-in."
34	$73,100	$81,500	Debt paydown contributing to net worth growth.
35	$79,100	$88,400	Significant exposure to residential real estate.
36	$84,300	$94,400	Approaching the six-figure mark today.
37	$89,500	$100,600	Majority of wealth tied to primary residence.
38	$96,500	$108,800	Strong appreciation in Sun Belt/Midwest housing.
39	$102,000	$115,300	Middle-income stability through asset growth.
40	$110,300	$125,100	40th Percentile: Balanced growth tier.
41	$117,800	$134,100	First tier with notable stock market exposure.
42	$125,700	$143,400	Consistent growth in equity-based 401(k)s.
43	$132,600	$151,600	Mix of stable housing and rising stock values.
44	$141,200	$161,800	Wealth growth outpacing standard inflation.
45	$147,300	$169,200	Significant primary residence equity gains.
46	$155,900	$179,400	Late-career professionals with rising home equity.
47	$164,100	$189,200	Reaching new wealth highs in early 2026.
48	$172,200	$198,900	Closing in on the national median.
49	$181,600	$210,100	Strong equity market participation begins here.
50	$192,100	$222,600	50th Percentile (Median): National baseline.
51	$202,100	$234,600	Benefit from the post-2022 stock market rally.
52	$212,600	$247,200	Households with low fixed housing costs.
53	$223,600	$260,300	Wealth growing via passive index investment.
54	$238,000	$277,500	High equity-to-debt ratio on primary home.
55	$250,400	$292,300	Significant retirement savings accumulation.
56	$261,600	$305,800	Crossing the $300k mark in today's environment.
57	$274,900	$321,800	Stable upper-middle class growth patterns.
58	$288,600	$338,200	High concentration in mutual funds and ETFs.
59	$298,900	$350,600	Real estate and stocks contributing equally.
60	$312,600	$367,100	60th Percentile: Upper-middle class benchmark.
61	$327,600	$385,200	Heavy influence of 2023-2024 tech stock gains.
62	$347,500	$409,100	Crossing $400k via asset appreciation.
63	$366,400	$431,800	Benefit of low-rate debt on high-value assets.
64	$384,900	$454,000	Professional households with multiple assets.
65	$402,800	$475,600	Strong accumulation in tax-advantaged accounts.
66	$415,500	$491,000	Closing in on a half-million in net worth.
67	$429,200	$507,700	Growth driven by coastal real estate markets.
68	$448,000	$530,500	Significant gains in taxable brokerage accounts.
69	$468,300	$555,100	High savings rates plus market tailwinds.
70	$493,100	$585,000	70th Percentile: The "Affluent" threshold.
71	$521,000	$618,600	Wealth growth accelerating due to asset mix.
72	$552,000	$656,000	Households with significant investment income.
73	$588,000	$699,300	Major benefit from the bull market transition.
74	$622,500	$741,000	Approaching the three-quarter million mark.
75	$658,300	$784,300	75th Percentile: Upper-tier stability.
76	$697,600	$831,800	Low debt enables aggressive market exposure.
77	$743,600	$887,300	Significant primary residence equity gains.
78	$785,500	$938,000	Closing in on millionaire status.
79	$836,900	$1,000,100	Crossing the $1M threshold in today's market.
80	$891,800	$1,066,500	80th Percentile: New millionaire entrants.
81	$947,500	$1,133,900	High-balance retirement and brokerage mix.
82	$1,009,900	$1,209,500	Benefit from 20%+ S&P 500 returns since 2022.
83	$1,078,300	$1,292,400	Diversified wealth across sectors and regions.
84	$1,154,600	$1,384,900	Consistent outperformance of the median.
85	$1,234,800	$1,482,000	High-net-worth status begins to solidify.
86	$1,308,400	$1,571,400	Wealth concentrated in appreciating equities.
87	$1,399,300	$1,681,700	Significant passive income from investments.
88	$1,510,900	$1,817,000	Luxury real estate and stock market growth.
89	$1,693,500	$2,038,000	Entry to the top decile of wealth.
90	$1,920,800	$2,313,000	90th Percentile: Significant concentration.
91	$2,158,000	$2,601,000	Heavy influence of private business/stock.
92	$2,383,000	$2,874,000	Multi-generational wealth characteristics.
93	$2,692,200	$3,250,000	Crossing the $3M mark for many in this tier.
94	$3,088,700	$3,732,000	High liquidity and diversified alternatives.
95	$3,779,600	$4,570,000	95th Percentile: Dominant market capital.
96	$4,699,200	$5,690,000	Wealth growth via tech-heavy equity gains.
97	$6,151,000	$7,450,000	Professional and executive level portfolios.
98	$8,464,700	$10,260,000	Crossing the $10M Ultra-High-Net-Worth bar.
99	$13,666,800	$16,580,000	99th Percentile: Top 1% gains.

In summary, while the average American family is wealthier on paper today than in 2022, the composition of that wealth matters more than ever. The primary drivers (home equity and stock market participation) have favored those already in the top half of the distribution. For the bottom 50%, wealth remains tied to wages and cash, which have struggled to keep pace with the asset appreciation seen at the top. Moving forward, the wealth gap is no longer just a statistic of the 1%; it is a functional divide between those who own the assets that benefit from inflation and those who do not.