TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Household wealth hit high in 1st quarter

By The Associated Press
Friday, June 6, 2014, 12:01 a.m.
 

Rising stock markets and home prices helped lift American household wealth to a record in the first three months of the year.

The Federal Reserve said on Thursday that household net worth increased $1.5 trillion in the first quarter to $81.8 trillion. The gain was driven by higher home prices, which boosted Americans' home values $758 billion. Stock and mutual fund holdings rose $361 billion.

Checking account balances, pensions plan assets and retirement savings, such as 401(k)s, also increased.

The Fed's figures aren't adjusted for population growth or inflation. And the wealth is flowing mainly to affluent Americans: Roughly 10 percent of households own about 80 percent of stocks.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Google Maps opens business doors to online views for shoppers
  2. Many in Pennsylvania can still get benefit of Affordable Care Act
  3. UPMC earnings turn positive, but pressures mount
  4. Indian firm plans exports of ethane from U.S. shale fields
  5. Airline group forecasts uptick in Labor Day travel
  6. United tries to woo fliers with upgraded food options
  7. In 10 years as public company, Google has reshaped IPO landscape, more
  8. Energy sector powers Pa. pace
  9. Back-to-school season deals just a click away with new services, apps
  10. Honda recalls Fits to improve their crash resistance
  11. Family Dollar rejects Dollar General offer
Subscribe today! Click here for our subscription offers.