Whether you already consider yourself a well-off person or are curious about how far you still have to go, it can be interesting to look at what would make you financially better off than 90% of other Americans. Knowing how the top 10% rank in different areas, like income and net worth, can also help with setting specific goals.
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In a recent YouTube video, financial expert George Kamel discussed figures for the top 10% of Americans in four financial areas and offered helpful advice for improvement. Have information about your income, debts and assets ready so you can see whether you meet any of these targets.
Household Income
Kamel shared 2024 household income figures from the Don’t Quit Your Day Job (DQYDQ) website, which did calculations using data from the U.S. Bureau of Labor Statistics and the Census Bureau. Being in the top 10% of Americans meant earning at least $234,769 annually, nearly three times the reported median income of $80,020.
Even if you’re not earning anywhere near that amount, you’re not out of luck for building wealth, which even many high earners struggle with. Kamel said you can lower your spending or boost your income, which should leave you with more margin to invest or save.
A Ramsey Solutions blog post also shared several ways to earn a higher income, including getting a raise, working extra hours, changing jobs or finding a lucrative side gig.
Find Out: How To Build Wealth in 2025 — 10 Smart Steps That Work
Emergency Savings
Kamel considered various emergency fund statistics since he didn’t have exact data. For example, he looked at a 2023 Ramsey Solutions report, which showed that only 49% of Americans had $1,000 or more in emergency savings, and a 2025 U.S. News and World Report survey, which noted a median emergency savings balance of $10,000.
After doing some estimations based on his findings, Kamel said, “To be in the top 10%, you’d likely need to have around $20,000 or more in emergency savings.”
Depending on your lifestyle, this amount might exceed the three-to-six months’ worth of expenses that Kamel recommended having once you’re free of non-mortgage debt. But if you’re struggling with saving money, check whether poor spending habits and debt are contributing to your issue.
Retirement Savings
The amount you’ll have in your IRA, 401(k) plan and similar retirement accounts will depend on factors like your age, income, contribution rate, and employer matches. But if your goal is to be in the top 10% of retirement savers, you’ll need at least $460,000, based on 2023 DQYDJ data that Kamel shared. Meanwhile, the median retirement savings amount was only $13,000.
While nearly half a million dollars may seem like a lot, Kamel said there’s no need to panic since compound growth can make realistic contributions grow to a large amount over time.
He used the Ramsey investment calculator to demonstrate projections for a 35-year-old worker who invests $1,000 per month and gets a 10% return. If they did this until age 65, they would have around $2.26 million; only $360,000 would be their contributions.
Consider following Dave Ramsey’s recommendation of contributing 15% of your after-tax income once you’ve got a full emergency fund and no non-mortgage debt.
Net Worth
“In my opinion, this is the best way to measure a person’s wealth because it takes into account the whole financial picture, not just how much you’re making or how much you have saved,” Kamel said.
Your net worth is what’s left after subtracting all of your debts from the value of your assets, like your home, bank and retirement accounts, vehicles and other possessions. Kamel used 2022 DQYDJ data that indicated that the top 10% had a net worth of at least $1,920,758, while the median net worth was only $192,084.
Even if your current net worth is nowhere near seven figures, you can slowly grow it over the years if you make smart decisions, such as avoiding debt, controlling your spending and investing regularly. You can use the Ramsey net worth calculator to track your progress, but try not to obsess too much over your target number.
“So when it comes to your finances, it’s not about hitting a certain dollar amount or a certain net worth,” explained Kamel. “It’s about peace, margin, options and freedom.”
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This article originally appeared on GOBankingRates.com: George Kamel: Here’s What Puts You in the Top 10% of Americans
