Cardiologists linked to higher net worths, larger homes and less debt than many other physicians

Cardiologists appear to be some of the wealthiest specialists in the entire U.S. healthcare system, according to a new report from Medscape.

Twenty-three percent of cardiologists have a net worth of more than $5 million, No. 5 among all specialties, according to Medscape’s Cardiologist Wealth and Debt Report 2022. In addition, just 16% of cardiologists have a net worth of less than $500,000, good for the third lowest percentage seen in any specialty.

“A net worth exceeding $5 million represents substantial family wealth,” the report’s authors explained. “From one year to the next, the specialties topping the list of those reporting such wealth have shifted. In this year’s report, cardiologists rank in the top third of all physicians in terms of building that much wealth.”

The Medscape report also explored cardiologist spending habits, finding that 49% live below their means, 47% live within their means and just 4% live above their means. Also, 20% of cardiologists live in a house that is over 5,000 square feet, No. 3 among all specialties. On a related note, 16% of cardiologists are still paying their own medical school loans, the fifth lowest total of any specialty, and 22% presently have credit card debt.

A majority of cardiologists also said they have had no significant financial losses in the last year. Twelve percent, however, said they had either made poor investments or lost money in the stock market.

These findings represent data from more than 13,000 physicians across dozens of specialties. Survey responses were gathered from October 2021 to January 2022. Four percent of respondents were cardiologists.