If you are part of the middle class in the United States, you probably already know this.
Even though the United States is among the top five wealthiest nations, America’s middle class is not as well off as you might think.
According to the new Credit Suisse Global Wealth Report, the middle class in the U.S. comes in at number 19 for global median wealth.
Countries higher on the list include Australia at No. 1, Japan at No. 5, Canada at No. 10, and Ireland at No. 13.
CNN says the reason the average middle-class Spaniard and Italian is worth more than the average middle-class American is because home ownership rates are much higher in Europe.
In addition, average wages for the middle class in the U.S. have dropped in the last 13 years. The average wage was $56,080 in 1999. In 2012, it was $51,017.
On the other hand, the United States as a nation ranks No. 4 among the top five wealthiest countries. It follows Switzerland, Australia and Norway.
The average American’s net worth is $301,000. But, the average middle-class person is only worth about $44,000.
So, why the big gap? Super rich Americans are skewing the average.
The United States has 42 percent of the world’s millionaires, and 49 percent of those are worth more than $50 million.
Click here for a list of 20 countries and the average and median net worth in each.