Jun 12, 2021 - Economy & Business
Household net worth soars
Household net worth notched a new record last quarter, per data out today from the Federal Reserve.
What's happening: The biggest gain ($3 trillion) came from rising stock market investments.
- Skyrocketing real estate values accounted for another $1 trillion in gains.
But, but, but: The biggest beneficiaries are the higher income and wealthy "since they will have been heavily invested in these asset classes already," economists at ING wrote in a note.
What to watch: Household debt ($17 trillion) grew at the quickest rate since 2006, per CNBC.