U.S. household wealth increased in the second quarter to yet another record, driven by solid gains in financial assets and rising property values, figures from the Federal Reserve in Washington showed Thursday.
HIGHLIGHTS OF HOUSEHOLD WEALTH REPORT (2Q)
Net worth for households and non-profit groups rose by $1.7t q/q, or 1.8%, to $96.2t, according to Fed’s financial accounts report, previously known as flow of funds survey
Value of financial assets, including stocks and pension fund holdings, increased by $1.2t
Household debt increased at a 3.7% annual rate in the second quarter
Household real-estate assets rose by $508b; owners’ equity as share of total real-estate holdings up to 58.4% from 57.9%