US household wealth hit high in first quarter, fueled by rising stock markets and home values
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Rising stock markets and home prices helped lift U.S. household wealth to a record in the first three months of the year.
The Federal Reserve says household net worth increased $1.5 trillion in the first quarter to $81.8 trillion. The gain was driven by higher home prices, which boosted Americans' home values $758 billion. A rising, if choppy, stock market pushed up stock and mutual fund holdings $361 billion.
Checking account balances, pensions plan assets and retirement savings, such as 401(k)s, also rose.
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The Fed's figures aren't adjusted for population growth or inflation. And the wealth is flowing mainly to affluent Americans: Roughly 10 percent of households own about 80 percent of stocks.
Since the first quarter ended, stock and home prices have risen further, boosting household wealth even higher.