Being a millionaire isn’t enough to join America’s top 10% — here’s the net worth it actually takes to be in the top

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Having $1 million to your name is a major financial milestone. But in America today, it doesn't put you nearly as close to the top as you might think.

In fact, the average American now believes they'll need $1.46 million just to retire comfortably, according to Northwestern Mutual's 2026 Planning & Progress Study (1). Among Americans who already have more than $1 million in investable assets, that figure jumps to $2.67 million.

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That's a striking reminder of how much the definition of "wealthy" has changed. A seven-figure net worth may make you a millionaire, but it doesn't necessarily make you one of America's richest households.

So, where does the top 10% actually begin?

The Federal Reserve's Survey of Consumer Finances (SCF) provides one of the clearest benchmarks for answering that question. And it shows just how wide the gap has become between the typical American household and those at the top.

The $2 million line separating the top 10%

According to the Federal Reserve's most recent release of the SCF, the median American family has a net worth of just $192,900 (2).

If your household has more than that, you're already doing better than half of the country.

But that's only the median net worth. The average household net worth is $1,063,700, meaning you're wealthier than the average American if you're worth more. This number is considerably higher than the median because averages can be skewed upward by the enormous fortunes held by the country's wealthiest households.

To break into the top 10%, though, you'll need a net worth of roughly $2 million, according to the SCF. That means only about 1 in 10 American households clears that threshold.

And wealth becomes much more concentrated from there.

This figure has jumped significantly in the past 25 years, driven in large part by the gains in net worth of the ultrawealthy. By comparison, the income cutoff for the top 10% was just $71,846 in 1990, or $181,836 adjusted for inflation (3).

Moreover, the top 10% hold 67% of total household wealth in the U.S. CNBC reports that the top 0.1% of the rich in the U.S. gained 10% in wealth in 2025, and since the pandemic, those with a net worth of at least $46 million saw their wealth almost double, to the tune of over $23 trillion in total (4).