It many be hard to believe it while money is so tight amid the cost of living crisis, but the average American household has achieved millionaire status.
Even when looking at the median … the typical American household was worth $192,900.
The mean is substantially higher than the median because it is boosted by the top 10% of earners, who have a net worth, on average, of $6.63 million, according to the Fed. Meanwhile, households in the bottom 10% had a mean net worth of $5,300 in 2022.
Ouch.