U.S. household wealth increased in the second quarter, supported by growth in the value of stocks and real estate, data released by the Federal Reserve on Friday showed.
The net worth of American households and nonprofits increased by $154.3 trillion in the second quarter of 2023. Household and nonprofit net worth increased by $148.8 trillion in the previous quarter. Key drivers of the increase in the second quarter of 2023 were directly and indirectly held corporate equities and real estate.
Household net worth rose in part because of an increase in stocks. The Fed reported an increase of $2.6 trillion in directly and indirectly held corporate equities, making the second quarter the highest increase in assets held in stocks since the second quarter of 2021.
An increase of $2.5 trillion in American’s real estate assets sets the second quarter of 2023 apart as one of the highest to date. The real estate wealth growth recorded in …