Physician net worth: Which specialties see over $5M, under $500K (2024)

FAQs

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.

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.

As of May 2022, just under 817,000 Americans are currently working as physicians or surgeons, according to a report from USAFacts, and cardiologists have the highest annual wage while pediatricians have the lowest.

The University of California's health system paid 113 medical professors at least $1 million in total pay last year. Only 12 of those high-earning health professionals were women, according to a Sacramento Bee analysis of 2022 payroll data from the UC Office of the President.

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.

By the time physicians reach their forties, it is very possible to achieve millionaire status, with some physicians even becoming multimillionaires. This trend continues with doctors in their fifties, with 60% of physicians' worth at least $1 million.

Roughly one third of urologists, gastroenterologists, and radiologists all reported a net worth of over $5 million, making these specialists the leaders in wealth out of all specialties. Only 9% of family medicine practitioners and 6% of psychiatrists reached this level, making them the lowest-ranking specialists.

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.

Among the lowest-paid specialties are providers who work in diabetes and endocrinology, pediatrics, infectious diseases, and public health and preventative medicine.

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.

Surgeons

Surgeons are at the top of the list regarding India's highest-paid medical jobs. They are responsible for performing various procedures, from simple operations to complex procedures like heart transplants. They can earn an average salary of Rs. 20-30 lakhs per annum.

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.

In 2023, the average salary for all U.S. physicians, including Primary Care Physicians and Specialists, was $363k. The average doctor salary grew by approximately 3% from 2022 to 2023. Orthopedics is currently the top-paying medical specialty, with an average annual salary of $558k.

Nearly 25 percent of all medical students come from the top five percent of household incomes (greater than $270,000 in 2019), and 37% of these high-income students will be paying for medical school primarily using family or personal funds.