Per Market Watch

A new report by the Federal Reserve shows how US households actually experienced an increase in net worth, which grew by 2%. This was during the first three months of 2023 when the total net worth increased by $3 trillion.

It was noted that the total US household net worth increased from $145.8 trillion in Q4 2022 to $148.8 trillion in Q1 of 2023. This brings the number closer to its early 2022 all-time high of $152.6 trillion.

The reason why US household net worth reached the peak in early 2022 was reportedly because of stimulus payments and the performance of the stock market during that time. This was when the market got closer to all-time high numbers.

ING chief international economist James Knightley commented on the situation, sharing what had happened since before the pandemic happened. He highlighted an increase in wealth for US households from that period.

Knightley: “With wealth $35 trillion higher than before the pandemic struck, households continue to have a strong platform to withstand intensifying economic headwinds, which offers hope that any recession will be relatively shallow,”

Recently, it was noted that the average American millennial's net worth was about $127,793. For people aged 35 to 44, the average net worth was at $436,200.

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