American Household Wealth Soars to Over $1 Million Average Despite Drop in Global Millionaires

The average American household net worth was over $1 million in 2022, a 23% increase from 2019 according to the Federal Reserve.

Homeownership was a key driver of growing household net worth, with homeowners having over 10x the average net worth of renters.

The number of millionaire households globally fell by 3.5 million in 2022 due to economic conditions.

The typical American household saw their net worth grow by 37% between 2019 and 2022 to $192,900.

The top 10% of earners have an outsized impact on the average, with a mean net worth of $6.63 million.