Household wealth hit high in 1st quarter
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.
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