US household wealth reaches record high $77.3B

Americans’ wealth reached an all-time this summer, buoyed by record-setting stock prices and a healthy recovery in home values.

The Federal Reserve says to U.S. net worth, a measure of household wealth, rose 2.6 percent to $77.3 trillion in the July-September quarter. Net worth reflects the value of homes, stocks, bank accounts and other assets minus mortgages, credit cards and other debts.

Rising stock prices boosted Americans’ net worth $917 billion. Higher home values added another $428 billion.

Greater net worth can create a “wealth effect,” which boosts economic growth by encouraging more households to spend.

But the gains haven’t been equally distributed. The wealthiest 10 percent of households own about 80 percent of stocks. And home ownership has declined since the recession, particularly among lower-income Americans.

About the Author

Christopher S. Rugaber

Airport’s planned overnight power outages will begin Tuesday

The tests, which will affect lighting, escalators, elevators and major terminal systems like baggage claim, are set to happen between the hours of 11:59 p.m. and 2:30 a.m.

California upgraded its film incentive program. How will this affect Georgia?

The increase puts California’s incentive in closer competition with Georgia’s own, which has long been considered the most generous programs in the country.

Unemployment in Georgia is down, but so is the labor force. Why?

Georgia’s labor force has declined by nearly 30,000 compared to May last year. Here are some reasons why.

The Latest

Credit: AP

California upgraded its film incentive program. How will this affect Georgia?

Opinion: Why do we name our cars?

Home Depot makes $5.5B acquisition to increase business with pro contractors

Featured

Credit: Ziyu Julian Zhu/AJC

Unemployment in Georgia is down, but so is the labor force. Why?

Georgia’s labor force has declined by nearly 30,000 compared to May last year. Here are some reasons why.

Georgia appeals court rules election boards must certify results

The Georgia Court of Appeals ruled that election board members are required to certify election results even when they have concerns about fraud or errors.

Atlanta crypto biz owner caught up in fraud says it’s ‘like living in a James Bond movie’

Prosecutors say North Korean IT specialists are 'infiltrating' tech companies in the U.S. as remote workers to steal money from businesses and funnel it back to North Korea.