In the past, the idea was prevalent that wealth for some people in a population will translate into wealth for all. Today, evidence reveals that there is a wide gap between the richest and the poorest in most economies especially Nigeria. This study was conducted to estimate the determinants of wealth status among rural and urban households in Nigeria. Secondary data and sample design used for this study was adopted from the 2013 Nigerian Demographic and Health Survey (NDHS) carried out in Nigeria. The sample used for the study was nationally representative and a total of 8658 households were sampled from the six geopolitical zones in the country. The data were analyzed using descriptive statistics, principal component and ordered probit models. Results revealed that about 67.4% of the respondents reside in the rural areas. Majority of household heads were male and their mean age was about 38 years. The result of the ordered probit model revealed that significant variables determining wealth status in the study area are age of household head, type of place of residence, literacy, number of years of education, and number of household dependents among others. Based on these findings, the study recommends that interventions in terms of good quality education and other basic amenities should be provided for people residing in the rural areas as rural people form the lion share of respondents in the study area. The economic status of households can be improved through access to productive assets through credit associations and indigenous savings.