How Much Does the Average Rich Person Have in Savings?

Chris Ozarowski
Updated 6-min read
Rawpixel / iStock.com
Rawpixel / iStock.com

Have you ever wondered how much money the richest 10% of Americans have in their bank accounts? While you might not be able to see inside Jeff Bezos’ savings account, the U.S. government does collect and release anonymous data on how much money, assets and savings Americans have.

Read Next: I’m a Bank Teller: 4 Reasons You Should Withdraw Your Savings Right Now

Find Out: 6 Money Moves You Must Make If You Want To Be Like the Wealthy

Here’s how the richest Americans compare with the rest.

Also see things the wealthy are doing that you should be doing too.

Earning passive income doesn't need to be difficult. You can start this week.

Every year, the U.S. Federal Reserve releases its Survey of Consumer Finances, which lists the previous year’s average numbers for income, net worth and debt in the United States. The most recent survey released lists the numbers for 2022.

The number given in each income category is the median, which means that it’s the most common result in that category. While the income of the top 10% of Americans may be the most common in that category, some top earners may be making significantly more.

According to the data, the top 10% of earners in the U.S. in 2022 made a median of $390,210 in pretax income. Their income has been on a steady upward trend since 2010, when they made at least $280,360 annually. That is an increase of 39.2% in 12 years.

Check Out: Here’s the Income Needed To Be in the Top 1% in All 50 States

When you look at the data, the income of the top 10% is growing faster than everyone else’s. Income for the richest Americans has grown almost three times as fast as that of the poorest.

  • 90th to 100th percentile

    • 2010 median income: $280,360

    • 2022 median income: $390,210

    • Income growth: 39.18%

  • 80th to 89.9th percentile

    • 2010 median income: $154,060

    • 2022 median income: $189,160

    • Income growth: 22.78%

  • 60th to 79.9th percentile

    • 2010 median income: $97,155

    • 2022 median income: $115,658

    • Income growth: 19.04%

  • 40th to 59.9th percentile

    • 2010 median income: $62,457

    • 2022 median income: $70,259

    • Income growth: 12.49%

  • 20th to 39.9th percentile

    • 2010 median income: $38,862

    • 2022 median income: $43,236

    • Income growth: 11.26%

  • Below 20th percentile

    • 2010 median income: $18,043

    • 2022 median income: $20,537

    • Income growth: 13.82%

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, whether that’s investment accounts or nonfinancial assets, such as real estate. However, they still tend to have a higher share of their annual income in their bank account at any time. Here’s how the averages break down.

  • 2022 income: $390,210

  • Median net worth: $2,649,000

  • Money in bank accounts: $111,600

  • Percentage of income in bank accounts: 28.6%

  • 2022 income: $189,160

  • Median net worth: $793,120

  • Money in bank accounts: $33,800

  • Percentage of income in bank accounts: 17.9%

  • 2022 income: $115,658

  • Median net worth: $300,800

  • Money in bank accounts: $15,760

  • Percentage of income in bank accounts: 13.6%

  • 2022 income: $70,259

  • Median net worth: $169,420

  • Money in bank accounts: $7,400

  • Percentage of income in bank accounts: 10.5%

  • 2022 income: $43,236

  • Median net worth: $58,551

  • Money in bank accounts: $2,550

  • Percentage of income in bank accounts: 5.9%

  • 2022 income: $20,537

  • Median net worth: $16,900

  • Money in bank accounts: $900

  • Percentage of income in bank accounts: 4.4%

The richest Americans have, on average, $111,600 in their bank accounts. That’s around 29% of what they make in a year. On the other hand, the bottom 20% of Americans have around $900 in their accounts, about 4% of their income. It can be harder to save money when you are living paycheck to paycheck, something which applies to as much as 67% of the U.S. population, per Pymnts.

While seeing how much the rich have in their bank accounts is interesting, most people don’t keep all of their savings in cash. Currently, 61% of U.S. adults own stocks, and many of them will have other places to put their money for retirement, per Gallup.

The Survey of Consumer Finances records how much money Americans have in financial assets. That means it includes both checking and savings accounts, as well as things like stocks, bonds, mutual funds, certificates of deposit and life insurance policies.

Here’s how much savings Americans have, based on percentiles.

  • Total savings: $1,269,200

  • Ratio of savings to income: 3.25 times income

  • Total savings: $324,500

  • Ratio of savings to income: 1.72 times income

  • Total savings: $96,800

  • Ratio of savings to income: 0.84 times income

  • Total savings: $30,500

  • Ratio of savings to income: 0.43 times income

  • Total savings: $7,410

  • Ratio of savings to income: 0.17 times income

  • Total savings: $1,400

  • Ratio of savings to income: 0.07 times income

It can be hard to save, especially in a world that is getting more and more expensive. However, small, consistent efforts can lead to substantial results over time. 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.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: How Much Does the Average Rich Person Have in Savings?