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The Net Worth Of Americans Went Up By 37% Between 2019-2022
Last Updated on: November 16th, 2024
The net worth of Americans went up at a rapid pace between 2019 and 2022. This happened due to several economic swings during the pandemic era, as well as due to the wealth generated from financial assets and homeownership. The United States Federal Reserve released these data regarding net worth on Wednesday.
According to CNN Business,
?Real, or inflation-adjusted, median net worth swelled by 37% 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 the data might seem looking backward, the report from the Federal Reserve provided details about the financial foundation. This happened due to continued resilience from Americans, which led to the fueling of economic growth, and stopped predictions of recessions.
However, the last survey from the Federal Reserve also warned about widening income inequality and prices of houses getting high with time, which was happening in the last three-year period. These factors reinforced all the economic data that was released before, as well as the lived experiences of American citizens.
Furthermore, the Federal Reserve survey also allowed its researchers to go much deeper into the finances of ethnic and racial groups, as well as their experiences in the pandemic era.
The rise in net worth by 37% was more than double in the next-largest record of an upswing, which was mostly due to growth in assets. These mostly happened due to an increase in home values and stock market gains, all of which exceeded the consumer price inflation, as per data from the US Federal Reserve.
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