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U.S. household wealth rose to record $141.7 trillion in Q2, Fed says By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – The Bureau of Engraving and Printing, Washington, March 26, 2015 shows stacks of Abraham Lincoln’s five-dollar bills. REUTERS/Gary Cameron/File Photo

(Reuters) – U.S. household wealth jumped to a new high of $141.7 trillion at the end of June, a report from the Federal Reserve showed on Thursday, boosted by stock market gains and a pandemic-induced real-estate boom.

Rising equity markets fueled the increase in overall wealth, adding $3.5 trillion to household assets in the second quarter – a time period in which the saw a total return of just over 8.5%.

According to the U.S. central banks’ latest quarterly report, which examines household, government, and business financial accounts, real estate prices have increased by $1.2 trillion.

From the first quarter, overall U.S. household wealth increased by $5.9 billion.

From $10.8 trillion during the first quarter, the amount in savings accounts fell to $10.6 trillion by the end of the second quarter. According to the report, checking account balances increased by $3.6 trillion over the previous quarter. This is compared with $3.3 trillion in Q1.

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