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Worthometer News: Federal Reserve Board Releases 2013 Survey of Consumer Finances

Here’s big news for fans of this site’s Worthometer, the only net worth calculator on the web that that incorporates all three major surveys of household wealth: the Survey of Consumer Finances (SCF), the Survey of Income and Program Participation (SIPP), and the Panel Study of Income Dynamics (PSID).

On September 4, 2014, the Federal Reserve Board released data for the 2013 SCF, which reflects interviews with 6,026 families. The last SCF had presented data from 2010.

I’m working on an update to the Worthometer that should be completed within the next few days. In the meantime, here’s a head’s up on what the 2013 SCF tells us about the net worth of US families.

For 2013, the SCF reports a median family net worth at $81,200, which means that if you listed the reported net worth figures in order for all families surveyed, as many families would fall above the $81,200 mark as below it. The median family net worth reported in the 2010 SCF was $77,300.

For 2013, the SCF reports a mean family net worth at $534,600, which means that if you added up the total net worth of all families surveyed and divided that by the total number of families in the survey, the resulting value would be $534,600. Since the reported mean is six times higher than the reported median, it’s fair to say that the survey included some very high net worth families. The mean family net worth reported in the 2010 SCF was $498,800.

The 2013 SCF breaks the net worth figures down into percentiles. Here’s a chart of the reported figures:

If you have at least x dollars, then y percent of those surveyed are worth less than you:

Net Worth Percentile
$50 12.45
$8,800 25.00
$31,300 37.45
$81,200 50.00
$168,100 62.45
$317,300 75.00
$505,800 82.45
$941,700 90.00
$1,871,800 95.00

For example, if a household’s net worth is $330,000, then this would place it somewhere above the 75th percentile, which is in at least the upper 25 percent of surveyed families.

To read a lengthy article from the Federal Reserve Bulletin that discusses the 2013 SCF results in detail, click here.

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I’ll post a short notice once the Worthometer has been updated to include the 2013 SCF figures.

Photo Credit: Hollerith Census Machine by Marcin Wichary. To see original at Flickr, click here.

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5 Responses to Worthometer News: Federal Reserve Board Releases 2013 Survey of Consumer Finances

  1. No More Waffles September 19, 2014 at 10:39 AM #

    Sweet, I have more money than over 37% of the US population! Only 1.8 million to go… 🙂

    Looking forward to your worthometer update, Noonan!
    No More Waffles recently posted…First Dividend IncomeMy Profile

    • A Noonan Moose September 19, 2014 at 11:19 AM #

      Keep stashing away those Euros NMW!

  2. debs @ debt debs September 22, 2014 at 12:49 PM #

    I’m above the 90th percentile but why do I not take comfort in that?
    debs @ debt debs recently posted…Frugal FinCon Fiesta – Ask me AnythingMy Profile

    • A Noonan Moose September 22, 2014 at 2:13 PM #

      Perhaps you’re gunning for the 91st Percentile? 😉

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  1. Weekly Wrap-up, September 20 | No More Waffles - September 20, 2014

    […] don’t seem to take advantage of time in the market considering the quite abysmal average net worth of US households like Noonan wrote […]

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