TribLIVE

| Business


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

Household wealth hit high in 1st quarter

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

Daily Photo Galleries

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.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. Wolf reverses Corbett, says deal between Highmark, UPMC doesn’t limit continuity of care to very ill
  2. Big banks’ levels of capital strong, Federal Reserve finds
  3. AbbVie to buy leukemia drugmaker Pharmacyclics for $21 billion
  4. Race toward bigger phones eases
  5. Stocks snap losing streak as ECB reveals stimulus start date
  6. Americans see improved job market but a vulnerable economy, Pew poll finds
  7. IPO might test Etsy’s approach to commerce
  8. Researchers: U.S. lacks proving ground for nuclear energy innovations
  9. Worker productivity falls faster than estimated; labor costs rise
  10. Mylan closes $5.3B tax-lowering deal with Abbott Labs
  11. Mud serves as multipurpose tool in $100B shale industry