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U.S. Household Wealth Jumps to Record $136.9 Trillion, Fed Says

U.S. Household Wealth Jumps to Record $136.9 Trillion, Fed Says

Submitted by jhartgen@abi.org on

U.S. household wealth jumped to a record $136.9 trillion at the end of March, a report from the Federal Reserve showed on Thursday, suggesting plenty of dry tinder for economic growth as the coronavirus pandemic recedes and the nation reopens, Reuters reported. Rising equity markets drove the overall increase in wealth, adding $3.2 trillion to household assets in the first quarter. Rising real estate values added around $1 trillion, according to the U.S. central bank's latest quarterly report on household, business and government financial accounts. Overall U.S. household wealth rose $5 trillion from the fourth quarter. Balances in cash, checking accounts, and savings deposits swelled by about a combined $850 billion in the first quarter to a record $14.5 trillion, the report showed, bolstered by massive government aid aimed at blunting the economic fallout from the pandemic and bridging families to the other side of the crisis.