Americans are doing better than they have in a long time, with household wealth topping $100 trillion for the first time.
The net worth of American households and nonprofits rose to $100.77 trillion from $99.74 trillion in the first quarter, according to the Federal Reserve.
While the stock market was volatile in the first quarter, rising home prices compensated for the decline in equities.
The amount of debt taken on by Americans was steady – with household debt rising at an annual rate of 3.3%. There was a temporary spike in debt in the fourth quarter, which the Fed attributed to replacing cars damaged by hurricanes.
The ratio of households’ net worth to disposable income stands at 682.6%, near the highest level in history.