The Average Net Worth of People With and Without a College Degree   

Ta Nu / iStock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Numerous factors go into building net worth, from hard work to opportunity to smart investing and more. But one of the best predictors of your net worth is the level of education you achieve. 

Higher education can contribute to your net worth in a number of ways, from boosting your skill set and overall knowledge to connecting you to a network of supportive alumni and donors. 

In many cases, having a college degree is a baseline requirement for accessing higher-paying, professional jobs, so the difference in net worth makes sense. But you may be surprised at how big the gulf is between Americans with and without a college degree.  

Also interesting to note is how big the gap is across all educational levels in terms of median and average incomes. As a small number of extremely wealthy individuals can skew the averages much higher, the median income may be a more appropriate measure of how much the “average” American earns. 

Here’s a look at the average net worth for Americans with varying educational backgrounds. Data is drawn from the most recently published Federal Reserve Survey of Consumer Finances, which was published in Oct. 2023. 

No High School Diploma

Perhaps not surprisingly, those with no high school diploma also had the lowest median and average incomes, at $38,100 and $175,600, respectively. That $38,100 median income is less than half the national median household income, according to the Federal Reserve.

High School Diploma

Americans with a high school diploma have more than triple the median net worth of those without, at $106,800. The average net worth jumps up to $413,300.

Some College

Completing some level of college — but without getting a full degree — doesn’t boost net worth levels by a tremendous amount, although there is still a notable increase. The gap in median net worth between those completing some college and those with a high school diploma is just $29,700, while the difference in average net worth, $541,100 vs. $413,300, is just $127,800. While those are still significant amounts, the differences aren’t as stark as the jump from no high school diploma to diploma, or from “some college” to getting a college degree.

College Degree

Getting a college degree is where the real money is made in terms of net worth. The median net worth of those with a college degree is $464,600, more than 3x as much as those with “some college” and more than 12x as much as those with no high school diploma. 

The gap in average net worths is similarly dramatic. Those with a college degree have an average net worth of over $2 million, nearly 5x as much as those with a high school diploma and more than 11x as much as those with no high school diploma. 

Overview

Here’s a side-by-side look of the education/net worth data presented above.

Sources:

• Federal Reserve Survey of Consumer Finances, Oct. 2023
• St. Louis Fed, “Median Household Income in the United States“

Share This Article: