Net worth among physicians is incrementally increasing, with 60% of physicians earning over $1 million annually in 2023, up 1% from the year before. The hike is part of an upwards trend, with an overall 19% increase since 2018.

Medscape’s 2024 Physician Wealth and Debt Report analyzed survey data from 7000 practicing physicians who were recruited between October 2023 and January 2024. The respondents belonged to more than 29 specialties and were composed of almost 60% of women.

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. But Chad Chubb, financial adviser and founder of WealthKeel in Tampa, Florida, said a higher salary doesn’t always increase net worth.

“We work with some higher-paid specialists who live a lavish lifestyle and whom we need to beg to save more for the future,” he said. “It’s not about how much you earn; it’s about how much you save.”

The report revealed substantial gender differences, with 66% of male physicians achieving a net worth of at least $1 million compared to around half of female physicians. The imbalance aligns with a 29% gap in average pay between genders. The higher burden of childcare responsibility, which often includes substantial costs may be partially to blame, according to W. Ben Utley, service team lead at Physician Family Advisors in Beaverton, Oregon.

Race differences were less pronounced for physicians with a net worth of over $5 million, with 9% of African American, 10% of Asian, 12% of Caucasian, and 7% of Latino physicians reporting this level. Wealth among Black physicians at this level appears to be gaining traction, up 5% the previous year.

Other figures showed more prominent disparities. A little over two thirds of African American, 46% of Hispanic, 49% of Asian, and 52% of White physicians reported a net worth of between $1 million and $5 million. More than half of African American physicians had a net worth of less than $1 million.

Feelings about how wealth impacted their quality of life were mixed. One physician said their money allowed them to do “good things with [their] resources,” while another said “the pace and hours are killing me, so it’s not a good bargain anymore.”

More than 90% of all physicians said they were living within their means. Chubb said he does not believe physicians were reporting truthfully. 

“I would say two to three out of 10 doctors carry credit card debt from month to month,” he said.

However, more than one quarter of those surveyed said they were paying off credit card debt, the third highest source of physician debt, behind car loans and mortgages. 

Student loans were the fourth highest burden for doctors (21%), although this type of debt fell by five percentage points since 2019. The payments evoked frustration among clinicians, with one remarking, “13 years out of med school, I still owe significantly more than I borrowed. My medical school debt is the equivalent to a house in which I will never live.”

While most physicians didn’t report financial losses, 18% took a hit due to bad investments or the stock market, and 10% were adversely affected by practice issues such as business problems and changes to insurance policies. But taxes remain the biggest drain on wealth, Utley said.

“Taxes clobber all that stuff,” he said. “If you baked in all the expenses physicians pay in a pie, you’d find that Uncle Sam eats the biggest slice.”

Brittany Vargas is a medicine, mental health, and wellness journalist.