10/19/2023

Americans’ Net Worth Surged by a Record 37 Percent from 2019-2022

This reflects the pandemic era’s tremendous economic swings

Americans’ net worth surged at a historic pace from 2019 to 2022, a reflection of the pandemic era’s tremendous economic swings and the wealth generated from homeownership and financial assets, according to Federal Reserve data released Wednesday.

Real, or inflation-adjusted, median net worth swelled by 37 percent in 2022 from the pre-pandemic 2019, according to the Fed’s latest Survey of Consumer Finances, a triennial survey that’s been conducted since 1989 to comprehensively measure income, net worth, credit use, debt and other financial outcomes for American families.

Although backwards-looking, the Fed report details the financial foundation behind the continued resilience that’s fueled U.S. economic growth and jettisoned recession predictions.

Please select this link to read the complete article from CNN Business.