FAQs
Twenty-eight percent of physicians have a net worth ranging between $2 million and $4.9 million in 2024, according to Medscape's 2024 "Physician Wealth & Debt Report," published June 12. An additional 25% of physicians have a net worth of less than $500,000, while 21% are worth $1 million to $1.9 million.
What is the average net worth of a physician? ›
While doctors experience a significant salary increase in their thirties, they have large debts to pay off. Still, they can expect to have an average net worth of $500,000 if they have managed their finances carefully and have begun investing.
Is it worth becoming a doctor in 2024? ›
Job Outlook for Doctors in the United States in 2024
Each year, during that period, there is a projected 23,800 openings on average. Job growth, at 3%, is slower than the average for all occupations at 5%. Among physician jobs, only the psychiatric specialty is poised to grow faster than average, at 9%.
What percent of doctors make over $500,000? ›
More than 25 percent of physicians in 2017 earned above $425,000 annually and the top 1 percent of physicians averaged $4 million in annual earnings — 10 times the average annual earnings in the sample and more than twice the average earnings in the top 5 percent.
What percentage of US doctors are millionaires? ›
In order to qualify as a millionaire, you must have assets worth $1 million or more. The 2021 physician wealth report showed that 56% of physicians reported a net worth of over $1 million. The majority of family physicians become millionaires by the age of 55 — only 11% had a $1 million net worth before 45.
What is the net worth of physicians in 2024? ›
About 60% of physicians reported a net worth of $1 million in 2024, up just 1% from 2023. Even with medical school loans taken into account, six in 10 physicians have a net worth that exceeds that of the average American family.
What is the net worth to be considered wealthy? ›
In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.
What is the average age doctors finish residency? ›
Given the years spent in undergrad (4 years), medical school (4 years), and a typical residency program (3 years), most doctors complete their training in their early to mid-30s.
What is the average lifespan of a medical doctor? ›
Although doctors generally outlive the general population, the study highlights important factors that influence life expectancy within the medical profession. Key Points: The mean age at death for all medical specialties was 78.9 years.
Are doctors financially stable? ›
Physicians, despite their high income, are vulnerable to financial instability due to factors like student loan debt, the cost of private practice, insurance reimbursem*nts, and lifestyle choices.
Doctors in the top 10 percent averaged $1.3 million. And those in the top 1 percent averaged an astounding $4 million, though most of that (85 percent) came from business income or capital gains.
Are doctors in the top 1% of earners? ›
Physicians are the most common occupation among the top one percent of income earners and, despite the government's larger role in the market, we do not have a good understanding of how much physicians earn or how government payments shape their labor market choices.
What is the average net worth of an anesthesiologist? ›
1. Thirteen percent of anesthesiologists reported a net worth of more than $5 million. 2. Nineteen percent of anesthesiologists reported a net worth of less than $500,000.
How rich is the average doctor? ›
Average physician compensation was $352,000 in 2022, up from $299,000 in 2018. About 59 percent of physicians reported family net worth exceeding $748,800 — the national average for an American family, according to the Federal Reserve. View the full report here.
What is the average retirement savings for a doctor? ›
On average, men stated that $4.1 million would provide a comfortable retirement, with women stating $3.6 million. Overall, the average for physicians was $3.9 million. At these levels, physicians have typically funded about 77% of their desired amount.
What kind of doctor is the richest? ›
How Much Do the Highest-Paid Doctors Make? The highest-paid physicians in the US are in surgical and procedural specialties such as neurosurgery, thoracic, and orthopedic surgery. These physicians earn an average annual salary of $600,000 or higher.
How much money do most physicians retire with? ›
Some doctors retire with different net worths ranging from $1 million to $5+ million. Again, it depends on your goals, when and how much you save, and how you invest your money. No matter their lifestyle, $10 million isn't required for anyone to retire.
What is the average income for a US physician? ›
Average income for physicians increased
However, the averages differ significantly across two physician groups: primary care providers took home an average of $277,000 this year (a $12,000 increase from last year's $265,000 average), whereas specialists averaged $394,000 in 2023 (up from $382,000 in 2022).
What is the richest paid doctor? ›
Neurosurgeons are the highest paid doctors, earning an average salary of $788,313 per year. That's based on Doximity's 2023 Physician Compensation Report, which surveyed more than 190,000 licensed physicians in the US about their earnings.