Healthgrades for ProfessionalsThe 10 Wealthiest Physician Specialties

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The latest Medscape Wealth and Debt report reveals significant insights into physician compensation and net worth across specialties. Despite economic challenges, the medical profession continues to offer substantial financial rewards, with the average physician salary rising to $352,000. However, the data also highlights persistent disparities in wealth distribution among different specialties, genders, and racial groups.

Key Points:

• The average annual salary for physicians increased by 4% to $352,000 from $339,000 last year.
• 59% of physicians report a net worth exceeding $1 million, with 11% having a net worth of $5 million or more.
• Plastic Surgery leads the list of wealthiest specialties, with 31% of respondents reporting a net worth over $5 million.
• Gender and racial wealth gaps persist, with fewer women (25%) than men (32%) reporting a net worth between $2-5 million.
• Family Medicine tops the list of specialties with the lowest net worth, with 35% reporting under $500,000.
• 75% of doctors cite making the world better, patient relationships, and professional competence as primary motivations, versus 10% who prioritize financial gain.
• The average net worth of physicians significantly exceeds that of the general American family ($748,800 average, $121,700 median).

“Many doctors say their work is about more than money. When asked about the most rewarding part of their jobs in the Medscape Physician Compensation Report 2022, 75% of doctors said it was knowing they were making the world a better place, their relationships with patients, and being good at what they do.”

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