Since it's an average, I bet the top end skews that quite a bit. Would be interesting to see that subdivided into top 1% and top 0.1%.
Correct. Top 1% is $13.6 mil and top 0.1% is $61.8 mil in 2023 according to this
https://dqydj.com/net-worth-percentiles/
Another article says top 5% is $3.2 mil and top 1% is $16.7 mil
Net worth - how do you stack up
What percentage of physician households do you think reach this? Pathologist households?
Remember, the
average of the top 10% is $7 mil. That does not mean everybody in the top 10% has $7 mil. So, with the top 5% at $3.2 mil and top 1% b/w $13-17 mil, it's probably a fair estimate that only around the top 3-4% are worth $7+ mil
For physicians, I would estimate a low percentage reach this number. I'd guess less than 10-15% (maybe lower). But, it can be achieved and has by some physicians. This probably has more to do with their spending habits and sticking to a budget over the course of their career versus them being in IM vs ortho. This means not buying a house they can't afford, not taking family trips to Europe every summer or winter trips to Disneyland, not enrolling their kids in the most expensive private schools, not having a housekeeper/chef/nanny, etc.
As far as pathologists, I guess it would be about the same. I mean, pathologists incomes are about on average of the overall physician spectrum by specialty. The only difference that may affect that is pathologists have a higher (or highest) mean retirement age among physicians, but probably by only a few of years, although that does add up.
As mentioned, the top 10% of general American households who do average $7 mil is skewed and includes the very high net worth families and ultra-rich e.g. professional athletes, celebrities, families w/ generational/inherited wealth, Fortune 500 execs, etc. Not too many docs reach that level. Some do, most don't.
