The Federal Reserve collects information about family finances every three years, the last survey was completed in 2022. Median (midpoint, not average) net worth surged 37% to $192,900 and mean (average) net worth increased 23% to $1,063,700. Retirement accounts were held by 54.3% of families with a median value of $86,900 and a mean value of $334,000. Here is a link to the full survey
https://www.federalreserve.gov/publications/files/scf23.pdf
With a mean net worth over 1 million dollars, the “average” family needs “wealth management” with tax planning, estate planning, and investment management.
