U.S. household wealth soars to record on booming stocks
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(Reuters) – U.S. household wealth rose to a record of roughly $156.2 trillion at the end of 2023 thanks to a surging stock market that offset a drop in property market values, the Federal Reserve said on Thursday.
Household net worth rose about 3.2% in the period from October through December from $151.4 trillion at the end of the third quarter, the Fed said in its quarterly snapshot of the balance sheets of households and businesses.
The value of holdings of equities climbed by $4.7 trillion while real estate declined by $0.6 trillion, the Fed said. In the fourth quarter of 2023, the benchmark Standard & Poor’s 500 Index delivered a total return, including reinvested dividends, of 11.7% and market gains have continued into the start of 2024 with stocks closing out February at record highs.
