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.
Previous reports on cardiologist wealth and salaries
As detailed in a previous Medscape report based on the same data, cardiologists are earning an average annual salary of $490,000 in 2022, No. 3 among all specialties. The Cardiovascular Business Salary and Job Satisfaction Report, meanwhile, found that the specialty’s average annual salary was $434,000.
Another recent report from AMN Healthcare and Merritt Hawkins focused on starting salaries in a number of specialties. Interventional cardiologists are earning an average starting salary of $527,000 in 2022, No. 2 among all specialties. Cardiologists, meanwhile, are taking home an average starting salary of $484,000, No. 5 on the report’s rankings.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.