It may sound unbelievable, but recent findings from the Federal Reserve reveal that the average American family is actually made up of millionaires. Of course, there are some important factors to consider, but let's delve into the data.
However, it's crucial to look beyond the average and consider the median figure. The median net worth of the typical American household is $192,900. While this still reflects an impressive 37% growth over the past three years, it aligns more closely with our everyday experiences.
The median household represents the middle ground, whereas the average is influenced by outliers like Elon Musk and Jeff Bezos. In fact, the top 10% of American households boast an average net worth of $6.63 million, as reported by the Federal Reserve.
These findings underscore the significant role that homeownership plays in accumulating wealth. On average, homeowners have a net worth of $1.53 million, while renters lag far behind with just $155,000 to their name.
So, while it may seem hard to fathom, the truth remains that many American families are experiencing unprecedented levels of wealth.