The total net worth of U.S. households hit a new record in the first quarter of 2013. But there’s a good chance you don’t feel wealthier than ever.
Data from the Federal Reserve show the total value of Americans’ financial and real-estate holdings hit $70.3 trillion in the first quarter, which is an impressive recovery from the ravages of the recent recession. Americans’ total wealth plunged from $66.9 trillion at the end of 2007 to $48.9 trillion in the first quarter of 2009, due to the housing and financial meltdowns. Total wealth has now eclipsed the prior high (though it’s still about 6% below the peak if you account for inflation).
The wealth rebound has helped some Americans a lot more than others, however. The biggest gains have come from financial investments, which account for 82% of total net worth. And this category has recovered much faster than real estate. The total value of Americans’ financial assets hit a new peak last year, and it’s considerably higher now, thanks toRead More »from Americans’ Wealth Hits a New Record — but Most Don’t Feel It