Data: Federal Reserve; Chart: Danielle Alberti/Axios

U.S. household net worth rose by the most ever in the second quarter, thanks largely to the record-breaking rise in stock prices.

By the numbers: Household net worth increased by $7.6 trillion, or 6.8%, to $119 trillion. The gain was the largest on record dating back to 1952, new Fed data show.

  • The value of equities rose $5.7 trillion from the prior quarter, accounting for a little more than 75% of the total U.S net worth increase.

Where it stands: Americans' net worth is up for the year, after declining by $7.2 trillion in the first quarter, when the value of equities dropped by $8.3 trillion but real estate assets rose by $422 billion and other assets (including physical assets like jewelry) increased by $1.1 trillion.

The intrigue: Increases in stock prices have accounted for an average of 65% of Americans' net worth increases over the past 20 years, according to Axios calculations.

  • Real estate value has added a far smaller percentage of the net worth gain, but have been positive in every quarter since Q1 2012.

Of note: Consumer credit fell at a 6.6% annual pace, the most since World War II, thanks in large part to a decline in credit card balances.

  • That came as the federal government debt rose by 58.9% and businesses continued to ratchet up debt, with domestic nonfinancial debt totaling $59.3 trillion.

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Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse. The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals. 13 states set single-day case records last week.
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.