What is the average net worth by state?
What is the average net worth by state?
What is the average net worth by state?
09.21.2024
The average American’s net worth across all states is nearly $595,000. However, wealth levels vary among states alongside cost of living and other factors.
According to Empower Personal Dashboard™ data, let's look at the top ten states with the highest average net worth per person.
A closer look at average net worth
Net worth is calculated by taking what a person owns (their assets) and subtracting what they owe (their debts). Here are the leading states by net worth as of September 2024.
State | Average net worth per person |
Connecticut | $919,784 |
California | $854,715 |
Washington | $842,139 |
New Jersey | $840,178 |
Massachusetts | $798,064 |
Vermont | $792,981 |
New Hampshire | $735,986 |
Illinois | $701,465 |
Virginia | $698,783 |
New York | $691,127 |
Connecticut has the highest net worth of nearly $920,000, but also has higher prices than the U.S. average. Meanwhile, California and Washington are the only Western states to make the top ten, and Illinois is the only one from the Midwest.
In total, U.S. household wealth hit a record of $164 trillion in the second quarter of 2024.1 This is an improvement over the pre-pandemic peak of $152 trillion. The increase in the second quarter was driven primarily by more than $1.7 trillion in real estate gains and $662 billion in stock gains.
Net worth goals
According to research from Empower, nearly three-quarters of people expect to increase their net worth in 2024. This is important given that nearly half of Americans define financial independence as reaching a certain net worth. What are some strategies people plan to take to improve their finances?
- Prioritizing investments (80%)
- Asking for a raise (35%)
- Getting a second job (25%)
When it comes to planning for the future, Americans say “dreamscrolling”—looking at dream purchases—helps them to be smarter with their money (56%) and better plan to achieve their financial goals (25%).
Building wealth
In order to build net worth, Americans can focus on both reducing debt and increasing savings and investment contributions. Tax-optimized retirement savings accounts like IRAs and 401(k)s can play a critical role in building net worth.
Apart from the tax advantages, nearly all companies with 401(k) offer some kind of matching contribution based on how much an employee contributes. Yet only 35% of people are contributing enough to get their employer match, suggesting workers should take a closer look to avoid leaving money on the table.
1 Reuters, “US household wealth rises in Q2 to record $163.8 trln,” September 2024.
Methodology: Average net worth is based on anonymous, aggregate data of linked accounts and self-declared values are excluded. User count varies by state but was at least 2,000 people in all cases. Excludes spouse accounts, any account value greater than $100M or less than -$100M (negative $100M), and users without relevant accounts.
RO4197346-0125
Want to stay in the know?
The Currency editors
Staff contributors
The CurrencyTM, a publication from Empower, covers the latest financial news and views shaping how we live, work, and play. We keep you current on ways to plan, save, and invest for life.
The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. No part of this blog, nor the links contained therein is a solicitation or offer to sell securities. Compensation for freelance contributions not to exceed $1,250. Third-party data is obtained from sources believed to be reliable; however, Empower cannot guarantee the accuracy, timeliness, completeness or fitness of this data for any particular purpose. Third-party links are provided solely as a convenience and do not imply an affiliation, endorsement or approval by Empower of the contents on such third-party websites. This article is based on current events, research, and developments at the time of publication, which may change over time.
Certain sections of this blog may contain forward-looking statements that are based on our reasonable expectations, estimates, projections and assumptions. Past performance is not a guarantee of future return, nor is it indicative of future performance. Investing involves risk. The value of your investment will fluctuate and you may lose money.
Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.