Net worth isn't net income. Net worth is assets - liabilities. So it's basically the equity on your home + savings(401k,checking,retirement) + whatever you can sell your car for.
The average (mean) is different from the median too. The fact that there are mega rich inherently pushes the "average" (mean) higher than the median.
Median is a better measure of average when there are outliers (like billionaires)
You're both right and wrong. Mega wealthy are a problem, but your understanding of the terms you're using is why you're confused.
1.6 mil is the average net worth of an American in their 60s. 445k is the median though! The difference between the two comes from the billionaire outliers!
Tim is below the "average", but a majority of Americans are. However, half of Americans are above the median, and half are below.
You're right that Average income is 37k. However, average income is not net worth. That's why you're confused.
Alphabet soup