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:
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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