Money

Here's how much money the top 1 percent have in savings

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DANIEL LEAL-OLIVAS | AFP | Getty Images

Americans are lagging behind when it comes to saving money: The median American household has just $11,700 in total savings. And 29 percent of households have less than $1,000.

But some are more prepared than others. Not surprisingly, the Americans who earn the most have saved the most.

Personal finance site MagnifyMoney used data from the Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) to break down the average and median balances by income.

The top 1 percent of earners have a median balance of $1.13 million across various types of banking and retirement savings accounts. When you look at the average account balance, that number is even higher: $2.5 million. The bottom 20 percent, on the other hand, have an average of $8,720 saved and a median of $0.

Here's the breakdown of how much American households have saved at every income level.

Top 1 percent

Average (all households): $2.5 million
Average (households with savings): $2.5 million

Median (all households): $1.13 million
Median (households with savings): $1.16 million

Top 10 percent

Average (all households): $961,570
Average (households with savings): $989,430

Median (all households): $156,510
Median (households with savings): $173,860

60 to 79.9 percent

Average (all households): $133,770
Average (households with savings): $148,600

Median (all households): $77,020
Median (households with savings): $96,800

40 to 59.9 percent

Average (all households): $65,830
Average (households with savings): $82,730

Median (all households): $34,020
Median (households with savings): $54,930

20 to 39.9 percent

Average (all households): $29,080
Average (households with savings): $46,950

Median (all households): $0
Median (households with savings): $26,450

Bottom 20 percent

Average (all households): $8,720
Average (households with savings): $22,600

Median (all households): $0
Median (households with savings): $0

Now read up on how much you should have saved at every age and how to up your savings rate.

Don't miss: Here's how much money Americans have in savings at every income level

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