Medscape found that psychiatrists are among the lowest earners of all physicians.
More than half of psychiatrists have a net worth of less than $1 million, according to a Medscape report released this week.
Medscape found that psychiatrists are among the lowest earners of all physicians, earning an average salary of $268,000 last year.
While nearly 60% have a net worth of less than $1 million, 38% have a net worth between $1 million to $5 million, and 5% have a net worth above $5 million.
Importantly, the report noted that the findings were based on data collected prior to the outbreak of coronavirus disease 2019 (COVID-19).
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A gender gap persists among psychiatrists, according to the report, as more female psychiatrists have a net worth less than $1 million compared to their male counterparts.
Also, 6% of male psychiatrists make more than $5 million, compared to only 3% of female psychiatrists.
The top expense item for more than 60% of psychiatrists is their mortgage, with 12% of psychiatrists paying for a mortgage more than $500,000.
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Last month, Medscape released its Physician Debt and Net Worth Report which found that half of physicians have a net worth of less than $1 million and more than 90% live well within their means.
Just over 40% of physicians have a net worth between $1 million to $5 million, according to the report, while less than 10% have a net worth exceeding $5 million.
Related: Medscape: Half of Physicians Have a Net Worth of Less Than $1M
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.