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Expand chart
Data: Bureau of Economic Analysis; Federal Reserve Board; World Bank; McKinsey Global Institute analysis; Chart: Axios Visuals

U.S. household net worth has soared to a nearly sixfold multiple of the country’s gross domestic product.

Why it matters: The past two decades of growth in net worth are mostly due to the appreciation of assets like real estate and equities — not to the accumulation of savings, according to a new report out from McKinsey Global Institute.

  • This growth has been supported by loose monetary policy “launched against the backdrop of two massive shocks— the 2008 financial crisis and the COVID-19 pandemic,” the McKinsey analysts write.

Not a coincidence: Net worth levels broke away from historical norms around the time the U.S. began its long-running low-interest-rate policy.

Go deeper: U.S. wages and salaries jump 1.5% in last quarter

Go deeper

D.C.’s real unemployment rate is higher than you'd think

Photo: David McNew/Getty Images

The D.C. metro’s unemployment rate is 4.1%, according to the Bureau of Labor Statistics.

  • But, according to Ludwig Institute for Shared Economic Prosperity analysis, the true unemployment rate, which includes those who are employed in a position earning less than a living wage, is much higher. 

U.S. sounds alarm on Ukraine

Conscripts line up at a Russian railway station yesterday before departing for Army service. Photo: Sergei Malgavko/TASS via Getty Images

The Biden administration is "deeply concerned" by new intelligence — detailed for Axios and other outlets — showing Russia stepping up preparations to invade Ukraine as soon as early 2022.

Why it matters: Most of this was known from public sources and satellite imagery, but the administration is sending a stronger signal by releasing specific details from the intelligence community.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Philanthropy in the age of crypto

Illustration: Annelise Capossela/Axios

The best charities are increasingly effective. That's the clear message sent by Open Philanthropy, the think tank that doubles as the grant-making vehicle for Facebook co-founder Dustin Moskovitz and his wife Cari Tuna.

Why it matters: With tech and crypto wealth becoming a fast-growing part of the philanthropic pie, there's more of an emphasis than ever on effectiveness — what the newly-divorced Melinda French Gates, in her recent Giving Pledge update, characterizes as giving as "impactfully as possible."