10% of Americans Have in Banks 16 Times the Amount Held by the Median American

A significant portion of Americans do not possess substantial savings. According to the Federal Reserve’s Survey of Consumer Finances, the median balance in Americans’ transaction accounts, encompassing checking, savings, and money market accounts, stands at $8,000.

The financial landscape is markedly different for the wealthiest Americans. While it is anticipated that individuals with higher wealth would have more funds in their bank accounts, the actual figures may still be surprising. The top 10% of Americans by net worth hold an impressive $128,000 in their bank accounts, which is 16 times the amount held by the median American.

This disparity highlights the concentration of wealth among the richest segments of society. The top 10% (and, to a lesser extent, the top 25%) enjoy well-funded checking and savings accounts, whereas the bottom 50% of Americans have median balances ranging from $1,000 to $4,380. This amount is insufficient to cover the average household’s monthly expenses, underscoring the financial challenges faced by a significant portion of the population.

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