Seven percent of cardiologists practicing in the United States have a net worth of more than $5 million, according to a new analysis from Medscape. The only specialty with a higher percentage is internal medicine (9%). Radiology and orthopedics, meanwhile, are tied with cardiology at 7%.
The 2021 Medscape Physician Wealth & Debt Report includes survey responses from nearly 18,000 specialists from dozens of specialties. Data were collected from October 2020 to February 2021. Overall, the report’s authors concluded that physician income in 2021 was “fairly on par with the previous year.”
“Although many physicians struggled with income issues in 2020, overall, they’re doing pretty well with building their nest egg and paying off debts,” according to the report. “Many cut their expenses, whereas others saved less than in prior years. Debt remains a big issue.”
Other key findings from the report include:
- Just 2% of cardiologists report a net worth of under $500,000, one of the lowest percentages of any specialty.
- While 64% of survey respondents are still paying off the mortgage on their primary residence, 37% are still making car payments. One in four respondents still have college or medical school loans they are working to pay off.
- Eighteen percent of cardiologists are still paying off school loans.
- While 4% of respondents had problems making mortgage payments in 2020 due to COVID-19, 7% said they had problems paying off other bills.
Review the full report on Medscape’s website.
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.