Surging stocks lift US wealth, yet most still trail '07 peak
WASHINGTON (AP) — Surging stock prices and steady increases in home values powered American household wealth to $96.9 trillion this fall, though the gains aren't widely shared.
The Federal Reserve said Thursday that U.S. net worth rose $1.7 trillion in the July-September quarter, extending a steady upward march in American wealth after the Great Recession eliminated about one-sixth of it in 2008.
The value of Americans' stock portfolios rose $1.1 trillion, and real estate values climbed $400 billion. Total household wealth includes checking and savings accounts and subtracts mortgages and other debt.
U.S. wealth has made a remarkable comeback since the recession, when it plummeted more than $10 trillion to $56.2 trillion.