Americans’ wealth hit the highest level ever last year reflecting a surge in the value of stocks and homes. A record-setting rally of +30% in the U.S. stock market drove most of the past year’s gains.
According to a Federal Reserve report released today, the net worth of U.S. households and nonprofit organizations rose 14% last year.
The Fed’s report shows that Americans have made good progress on repairing the damage caused by the housing crash and the recession (Dec 2007 – Jun 2009). Americans have been reducing their debt loads and regaining equity in their homes.
Source: Wall Street Journal