How Many US Households Have a Net Worth Over 2 Million
According to the most recent Federal Reserve Survey of Consumer Finances, approximately 13.5% of US households have a net worth over 2 million, translating to roughly 18 million households. This share has grown steadily over the past decade, driven by rising home equity and strong equity market returns. The data is based on the 2022 survey cycle, which is the latest complete public release from the Fed. For context, households with a net worth over 2 million sit in the top 15% of the wealth distribution in the United States.
The Federal Reserve classifies households with a net worth over 2 million as part of the upper tier of the wealth distribution, just below the top 10% threshold, which starts at roughly 11 million. The 2022 survey shows that the median net worth of these households is around 3.2 million, meaning many are clustered just above the 2 million line. The share of households above this threshold has increased from about 11% in the 2019 survey cycle, reflecting post-pandemic asset appreciation. This growth was uneven, with larger gains among households already holding significant financial assets.
Who Makes Up the 2 Million Net Worth Households
Households with a net worth over 2 million are heavily concentrated among older age groups, with those aged 65 to 74 holding the largest share of this wealth. Home equity remains the single largest asset category for most of these households, followed by retirement accounts and direct equity holdings. Business ownership also plays a major role, as many small business owners build wealth through retained earnings and business asset appreciation. The Federal Reserve data shows that these households are more likely to hold investment accounts and less likely to carry high-cost debt compared to the general population.
Geographically, states such as California, New York, New Jersey, Massachusetts, and Washington account for a disproportionate share of households with a net worth over 2 million, driven by high housing values and concentrated professional and financial sectors. The Federal Reserve notes that racial and ethnic disparities persist, with White and Asian households significantly overrepresented in this wealth tier compared to Black and Hispanic households. Education level is also a strong predictor, with households headed by a college graduate making up the majority of this group. These demographic patterns are documented in the detailed demographic tables of the Fed's 2022 Survey of Consumer Finances, which is accessible via a search for the latest Federal Reserve consumer finance survey data.
How Net Worth Over 2 Million Compares to Other Wealth Thresholds
Households with a net worth over 2 million are well above the median US household net worth, which stood at roughly 192,000 in the 2022 survey cycle. To reach the top 1% of the wealth distribution, a household needs a net worth of approximately 11 million, meaning the 2 million threshold captures a much broader but still affluent segment of the population. The top 10% threshold begins at roughly 11 million, so households above 2 million but below 11 million form a large upper-middle wealth bracket. This bracket is distinct from the ultra-high-net-worth segment, which typically starts at 30 million and includes many families with significant business interests and diversified investment portfolios.
For context on how these figures are used, the SEC requires registered investment advisers to report assets under management, and many firms use the 2 million net worth threshold as a common benchmark for high-net-worth clients, as noted in industry guidance and reporting on advisory firm client profiles. Brokerage and wealth management firms such as those referenced by Forbes and other financial outlets often use this threshold to define their target client base for personalized investment services. The 2 million figure is also used in marketing materials by financial product providers, including