US household wealth hits record high in third quarter

WASHINGTON

The net worth of US households reached a record $168.8 trillion in the third quarter of this year, driven by a rise in the stock market, the Federal Reserve said Thursday.

Household wealth increased by 2.9% versus the previous quarter and 11.4% compared to the same period of 2023.

Household net worth in the US was calculated at $161 trillion in the first quarter of this year and $163.8 trillion in the second quarter.

In the third quarter, the value of Americans' stock assets increased by $2.8 trillion, while the value of their real estate decreased by $200 billion.

American household debt increased by 3% in the third quarter.

Consumer loans rose 2.5% and mortgage debt rose 3.1% over the same period.

*Writing by Gokhan Ergocun from Istanbul