US household net worth hits record USD168T in Q3

2024-12-14 04:41:59

(MENAFN) The net worth of US households reached a historic USD168.8 trillion in the third quarter of 2024, driven by a surge in the stock market, according to the Federal Reserve's report released Thursday.

Household wealth grew by 2.9 percent compared to the previous quarter and saw an 11.4 percent increase from the same period in 2023.

In the first quarter of 2024, household net worth was recorded at USD161 trillion, rising to USD163.8 trillion in the second quarter.

In the third quarter, the value of Americans’ stock assets increased by USD2.8 trillion, while their real estate holdings fell by USD200 billion.

Meanwhile, American household debt grew by 3 percent in the third quarter. Consumer loans rose by 2.5 percent, and mortgage debt climbed 3.1 percent during the same period.

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