Economics
U.S. Household Net Worth Soars to Surpass Pre-Pandemic Peak
- Rally in stocks boosted net worth by $7.6 trillion, Fed says
- Federal government, business debt surged in second quarter
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Household net worth surged in the second quarter to surpass the pre-pandemic peak after a virus-driven slump at the start of the year, as a rebound in stocks buoyed Americans’ wealth.
Household net worth increased by $7.6 trillion, or 6.8%, to $119 trillion, while the level of federal government borrowing soared as lawmakers responded with massive fiscal relief, according to a Federal Reserve report out Monday. The gain was the largest in quarterly records back to 1952. The value of equities advanced $5.7 trillion from the prior quarter while real estate increased about $458 billion.