US Household Wealth Rises to Record of Over $160 Trillion in Q1 2024, Fed Data Shows

By Jace Dela Cruz

Jun 08, 2024 03:21 AM EDT

In the first quarter of 2024, US household wealth reached a record high of $160.8 trillion, driven by gains in the stock market and real estate, according to Federal Reserve data. 

Home House Mortgage

(Photo : Satheesh Sankaran from Pixabay)

Household Wealth Reaches Record High

Reuters reported that the data indicated that household net worth increased by 3.2%, a $5.1 trillion rise. This growth was primarily due to a $3.8 trillion appreciation in equity holdings.

The Standard & Poor's 500 Index saw a 10.6% gain in the first quarter, including reinvested dividends, contributing significantly to this wealth increase.

Real estate values also grew substantially, adding another $0.9 trillion to the total household net worth. Other assets, such as cash and money market funds, also contributed to the overall rise. 

The level of household wealth in the final quarter of 2023 reached the previous high of over $156 trillion. 

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Total Nonfinancial Debt

Total nonfinancial debt expanded by 4.5%. The growth was led by a 6.2% rise in federal government obligations. However, that was a break from three straight quarters of federal debt growth surpassing 10%.

Household debt increased to 2.9%, and business nonfinancial debt rose by 4%. 

READ MORE: Citigroup's Plan to Set up Securities Business in China Faces Delay  

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