How Much Does the Average Rich Person Have in Savings?
Written by
Caitlyn Moorhead
Edited by
Ashleigh Ray
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Ever wondered how much money wealthy Americans keep in savings, or just get a little envious at the speculated amount? While you might not get a peek inside the likes of Elon Musk’s or Jeff Bezos’ bank accounts, the U.S. government tracks and publishes data on average savings, assets and net worth across various income groups.
These insights reveal just how far the richest 10% outpace the rest, and what financial habits set them apart. Here’s how much the rich save just in general, plus smart strategies you can borrow to grow your own wealth.
Quick Take: How Much Are the Richest 1%, 5% and 10% of Americans Making?
If you are wondering how much money millionaires keep in the bank, you can start by analyzing their income level. For example, while the richest 10% of people earn nearly 150,000 at a minimum, the average income for this group is around $190,422. The required income to be in this top tier can vary significantly based on age and location, and it is distinct from wealth, which requires a much higher net worth to be in the top 10%.
Here’s a closer look at the minimum incomes for the top 1%, 5% and 10% according to Investopedia:
- Top 10% minimum income: $149,000 per year
- Top 5% minimum income: $353,000 per year
- Top 1% minimum income: $794,000 per year
How Much Do Rich People Save?
So, how much do the richest Americans have in their accounts? It turns out, unsurprisingly, more than everyone else. Most of their net worth isn’t in their bank accounts — it’s in other assets, such as investment accounts or non-financial assets, like real estate. However, they still tend to have a higher share of their annual income in their bank account at any time.
This group’s net worth is what places them in the top 10%, and while many have significant assets, the amount they have in liquid bank accounts varies. Here are some insights into the savings account balances of wealthy Americans based on reporting from Motley Fool:
- The median bank account balance is approximately $128,000 for the top 10% of individuals by net worth.
- The average savings account balance for these high-net-worth individuals is approximately $111,600.
- The median transaction account balance across checking and savings accounts is $8,000.
How Much Rich People Have Saved For Retirement
You may have heard of the “magic number” for retirement being $1.26 million. The top 10% of wealthy people are happily on track to reach or surpass that amount, according to a Northwestern Mutual survey. In fact, data from the Federal Reserve’s most recent Survey of Consumer Finances (SCF) shows that the median retirement savings amount for the top 10% is over $900,000; however, the median savings across all households with retirement accounts hovers at just $87,000.
Final Take To GO: Increasing Your Savings Like the Rich
While it can seem like the wealth of the richest Americans is impossible to achieve, there are ways you can increase your savings and set yourself on the path to a higher net worth. You can start by picking up a few financial habits of the wealthy. These small, consistent efforts can lead to substantial results over time.
Beginners should try to set aside a small amount of money every week to save or invest. If you start early enough, even $10 a week invested in the market can become a sizable sum by the time you reach retirement age. As your investments grow over time, you can end up with returns much higher than the total money you put in.
Rounding up tools can be a great way to set aside money. These tools automatically round up your purchases to the nearest dollar and deposit the difference into a savings or investment account. For example, if you buy a coffee for $3.75, the tool can round it up to $4.00, and the extra $0.25 is transferred to your savings.
Chris Ozarowski contributed to the reporting for this article.
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