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 savings by income tier. As you might expect, the top 1 percent of earners have significantly more stashed away — an average of $2.5 million — than the average American household, which holds $175,510 across all their savings accounts. That's about 14 times more.
When you look at the median savings, the gap is even broader: The median American household currently has $11,700 in savings, MagnifyMoney reports. Meanwhile, the median household in the 1 percent has $1.13 million.
The chart below illustrates just how much more the top 1 percent have in savings than the rest of the population: