{"id":1330,"date":"2025-04-19T02:57:00","date_gmt":"2025-04-19T02:57:00","guid":{"rendered":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/?post_type=newsletter&#038;p=1330"},"modified":"2025-04-19T02:57:00","modified_gmt":"2025-04-19T02:57:00","slug":"just-your-average-millionaire","status":"publish","type":"newsletter","link":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/just-your-average-millionaire\/","title":{"rendered":"Just Your Average Millionaire"},"content":{"rendered":"<p>Unfortunately, having a national average net worth that exceeds $1 million does not mean the typical American is a millionaire. A small number of very wealthy households skews the average. As always, the median net worth ($192,900 in 2022) was much lower than the average, but its growth was by far the largest on record. Even after adjusting for inflation, the three-year increase in the median net worth (37%) rose more than the average (23%), showing that wealth inequality narrowed.<\/p>\n<p>Still, the net worth of U.S. families varies greatly depending on housing status, education, and income level. Only about 12% of U.S. families have a net worth above $1 million, and many of those are older. This emphasizes the financial reality that for most people it takes time and diligence to build wealth.<\/p>\n<p>Sources: Federal Reserve, 2023; The Wall Street Journal, October 27, 2023<\/p>\n<hr \/>\n<h2>Number of Millionaire Households<\/h2>\n<figure id=\"attachment_1336\" aria-describedby=\"caption-attachment-1336\" style=\"width: 700px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-1336\" src=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_24096_Just-Your-Average-Millionaire-CHART-1.jpg\" alt=\"Number of Millionaire Households = 9.8 million in 2019 and 16 million in 2022. Average (mean) net worth, by age group: under 35 = $183,500; 35 to 44 = $549,600; 45 to 54 = $975,800; 55 to 64 = $1,566,900; 65 to 74 = $1,794,600; 75+ = $1,624,100\" width=\"700\" height=\"166\" srcset=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_24096_Just-Your-Average-Millionaire-CHART-1.jpg 700w, https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_24096_Just-Your-Average-Millionaire-CHART-1-300x71.jpg 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><figcaption id=\"caption-attachment-1336\" class=\"wp-caption-text\">Source: The Wall Street Journal, October 27, 2023<\/figcaption><\/figure>\n<h2>Average (mean) net worth, by age group<\/h2>\n<figure id=\"attachment_1335\" aria-describedby=\"caption-attachment-1335\" style=\"width: 700px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-1335 size-full\" src=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_24096_Just-Your-Average-Millionaire-CHART-2.jpg\" alt=\"Number of Millionaire Households = 9.8 million in 2019 and 16 million in 2022. Average (mean) net worth, by age group: under 35 = $183,500; 35 to 44 = $549,600; 45 to 54 = $$975,800; 55 to 64 = $1,566,900; 65 to 74 = $1,794,600; 75+ = $1,624,100\" width=\"700\" height=\"356\" srcset=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_24096_Just-Your-Average-Millionaire-CHART-2.jpg 700w, https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_24096_Just-Your-Average-Millionaire-CHART-2-300x153.jpg 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><figcaption id=\"caption-attachment-1335\" class=\"wp-caption-text\">Source: Federal Reserve, 2023<\/figcaption><\/figure>\n<p>Source: Federal Reserve, 2023<\/p>\n<p>This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. \u00a9 2024 Broadridge Financial Solutions, Inc.<\/p>\n","protected":false},"featured_media":1334,"template":"","meta":{"_acf_changed":false},"newsletter-category":[30],"class_list":["post-1330","newsletter","type-newsletter","status-publish","has-post-thumbnail","hentry","newsletter-category-september"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Just Your Average Millionaire - New England Trust<\/title>\n<meta name=\"description\" content=\"In Evanston, IL, Robard Flaremoor offers Financial Planning Services &amp; Financial Advice. \u2018Financial Services\u2019 from College Funding to Wealth Protection. \u2018Tax Services\u2019 include Tax Preparation, Tax Reduction, and Tax Management\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/just-your-average-millionaire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Just Your Average Millionaire - 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