Psychiatrists earn an average of $309,000 annually, according to Medscape's 2023 "Psychiatrist Wealth and Debt" report, published July 26.
Here are seven additional things to know about the wealth of psychiatrists in 2023:
1. About 27 percent of psychiatrists have a net worth under $500,000, while just 8 percent have a net worth of over $5 million.
2. Male psychiatrists have a higher net worth than female psychiatrists, with 11 percent of males having over $5 million compared to just 3 percent of women.
3. Over half of psychiatrists (51 percent) live within their means, while 40 percent live below their means.
4. The majority of psychiatrists (61 percent) are currently paying off a mortgage on a primary residence.
5. The majority of psychiatrists (72 percent) have not taken any major steps to reduce their spending this year.
6. About 21 percent of psychiatrists are still paying off student loans.
7. A plurality of psychiatrists (44 percent) expect their portfolios to decline over the next year.