Net worth reflects what you own minus what you owe. In 2023, median U.S. household net worth was approximately $192,084, while the average net worth was about $1,059,470. Doctors tend to reach $1 million or more in net worth by mid-career, though the timeline varies by specialty income, student loan repayment strategies, and investment habits. Key drivers of wealth include salary, debt levels, financial discipline, and lifestyle decisions.
What is Net Worth?
Net worth is calculated by taking total assets – such as savings, investments, home equity, and retirement accounts, and subtracting all liabilities, including loans and credit card balances.
For example:
- Assets: $400,000 home equity + $500,000 retirement savings + $10,000 cash = $910,000
- Liabilities: $200,000 student loans + $200,000 mortgage = $400,000
- Net worth: $510,000
A positive net worth indicates financial progress, while a negative net worth means liabilities exceed assets.
Updated U.S. Household Net Worth (2023)
- Median household net worth: $192,084
- Average household net worth: $1,059,470
The U.S. Census Bureau also reports the median household wealth for 2023 as $191,100, reinforcing the reliability of these benchmarks.
Average Physician Salaries by Specialty (2024 Data)
Physician salaries influence net worth growth significantly. According to the 2024 Doximity Physician Compensation Report:
| Specialty | Average Salary |
| Orthopedic Surgery | $633,000 |
| Urology | $540,000 |
| Gastroenterology | $506,000 |
| Radiology | $472,000 |
| Anesthesiology | $450,000 |
| Hematology/Oncology | $440,000 |
| Cardiology | $433,000 |
| Dermatology | $427,000 |
| Pulmonology | $418,000 |
| OB/GYN | $367,000 |
| Neurology | $365,000 |
| Psychiatry | $325,000 |
| Internal Medicine | $300,000 |
| Family Medicine | $290,000 |
| Pediatrics | $270,000 |
High-paying specialties can accelerate net worth accumulation, but smart financial planning remains key regardless of salary.
Are Doctors Typically Millionaires?
Not always. According to the Medscape Physician Wealth & Debt Report, roughly 51 percent of doctors report a net worth of $1 million or more, usually reached in their 40s or 50s.
Early-career physicians often start with negative net worth due to student debt. Over time, disciplined saving and investing allow many to reverse that trend.
The Reality of Physician Wealth
Doctors face unique financial challenges:
- Student loan debt: Many medical school graduates carry six-figure burdens.
- Lifestyle inflation: High spending on homes, cars, and discretionary items can impede wealth building.
- Job-related expenses: Malpractice insurance, licensing, and practice costs add financial pressure.
The Medscape report highlights that wealth growth hinges less on income and more on debt management and investing behavior.
Strategies to Build and Protect Wealth
- Track your spending to identify and control wasteful habits
- Avoid lifestyle inflation by keeping costs stable as your income increases
- Maximize retirement contributions to 401(k), IRA, and HSA accounts
- Invest consistently with diversified portfolios across stocks, bonds, and real estate
- Hire a financial advisor familiar with physician finances for tailored guidance
Physicians should also protect their income with own-occupation disability insurance and malpractice insurance, both critical to maintaining long-term financial security.
Resources for Physicians to Grow Net Worth
- Financial advisors specializing in doctor finances offer help with student loans, taxes, budgeting, and investment strategies
- Professional networks provide peer support and shared financial strategies
- Educational tools such as books, podcasts, and CME resources enhance financial literacy
Smart financial decisions and ongoing financial education are essential drivers of physician net worth over time.
Key Takeaways
While many physicians become millionaires by retirement, it is not automatic. Specialty income, debt levels, lifestyle choices, and investment habits all influence outcomes. Many physicians start with negative net worth due to debt but can catch up through discipline, saving, and smart investing. Regular tracking, minimizing debt, and working with financial professionals are essential for building lasting wealth.
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