The most recent age-group figures from the Federal Reserve are from its 2022 Survey of Consumer Finances (SCF). In that survey, families whose reference person was 65 to 74 had a median net worth of $409,900 and a mean (arithmetic average) of $1,794,600. These are family figures grouped by the age of the reference person, stated in 2022 dollars. They describe households in a survey snapshot, not a standard that any individual should meet.
The 2022 figures by age band
The table below reproduces the Federal Reserve’s 2022 estimates, converted from thousands of dollars into whole dollars. The final column is a calculation added for this article: it divides the mean by the median to show how far the average sits above the typical family in each band.
| Age of reference person | Median family net worth | Mean family net worth | Mean as a multiple of median (calculated) |
|---|---|---|---|
| Under 35 | $39,000 | $183,500 | about 4.7× |
| 35–44 | $135,600 | $549,600 | about 4.1× |
| 45–54 | $247,200 | $975,800 | about 3.9× |
| 55–64 | $364,500 | $1,566,900 | about 4.3× |
| 65–74 | $409,900 | $1,794,600 | about 4.4× |
| 75 or older | $335,600 | $1,624,100 | about 4.8× |
Across all families, the 2022 SCF reported a median net worth of $192,900 and a mean of $1,063,700, both in 2022 dollars. Source: Board of Governors of the Federal Reserve System, Changes in U.S. Family Finances from 2019 to 2022 (October 2023), Table 2 and its note.
Why the median is the number to start with
“Average” is ambiguous in this context. The mean adds up all family net worth and divides by the number of families, so a relatively small group of very wealthy households pulls it upward. The median is the midpoint: half of families sit above it and half below. Because the mean is roughly four times the median in every band, the mean describes the total wealth held by the group far better than it describes a typical family.
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When you want to know where a typical family in an age band stands, use the median. Use the mean only when you are discussing aggregate wealth or when you are explicit that it is pulled up by high-wealth households.
What the age bands measure
The SCF measures family balance sheets. Net worth is the difference between a family’s assets and its liabilities, as the Federal Reserve’s Table 2 note puts it: “Net worth is the difference between families’ assets and liabilities.” Assets include homes, retirement accounts, and other investments; liabilities include mortgages, student loans, car loans, and credit card debt.
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The age bands are based on the age of the family’s reference person, not on the age of each adult in the household. For a single-adult household, that is the person’s own age. The figures are also cross-sectional: each band compares different families observed at the same time in 2022. They do not show how one family’s net worth changes as it ages, so the rise from under-35 to 65–74 should not be read as a path any household is expected to follow.
How the figures changed since 2019
Comparing the 2019 and 2022 surveys, real (inflation-adjusted) median family net worth across all families rose 37 percent, reaching $192,900. Real mean net worth rose 23 percent, reaching $1,063,700. The Federal Reserve reports that median and mean net worth increased in every age group, with the largest age-group gains for families under 35. Families aged 65 to 74 remained the wealthiest group by both measures in 2022.
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These percentage changes are measured in 2022 dollars, so they are not directly comparable with dollar figures published in later years without adjustment. Readers comparing against 2026 numbers should first convert the 2022 values using a price index.
How to place your own household against the 2022 figures
- Calculate your household’s net worth: add the current market value of your assets (cash, retirement accounts, investments, home, vehicles, and other property), then subtract all debts, including your mortgage balance.
- Identify your band using the age of the reference person in your household, and find the corresponding row in the table above.
- Compare your figure with the median first. Treat the mean as context for how much wealth the top of the distribution holds, not as the typical outcome.
- Check your basis: the table is in 2022 dollars and reflects 2022 families. If you are comparing to a current figure, adjust the 2022 value for inflation before drawing a conclusion.
- Note what the comparison does not capture. A household’s position depends on income, household size, debt, region, and when wealth was accumulated, none of which is determined by age alone.
Common mistakes when comparing
- Treating the mean as the typical family’s net worth, which overstates what most families in a band hold.
- Comparing a personal figure with a family figure without making clear whether the number covers one person or a household.
- Setting a retirement-account balance or home equity against the total net worth figure, which uses a different scope.
- Mixing 2022-dollar values with present-day dollar amounts without adjustment.
- Reading the age pattern as proof that age itself produced the differences between bands.
Limits of the current data
The 2022 SCF is the most recent age-group breakdown available from the Federal Reserve at the time of writing. The survey is conducted every three years, so newer results may be published after this article. Check the Federal Reserve’s Survey of Consumer Finances pages for updates before relying on these bands for a current comparison.
Survey figures also carry sampling uncertainty. The estimates are useful for describing the distribution of family wealth, but they are not a precise measurement of any particular household or of any individual’s personal balance sheet.
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