Americans' net worth soar record 37% during 2019-2022: Fed

By Ovunc Kutlu

ISTANBUL (AA) - Americans' real median net worth soared by a record 37% during the 2019-2022 period, according to a report by the Federal Reserve.

Real mean net worth, meanwhile, increased 23% during the same period, the US central bank said Wednesday in its Survey of Consumer Finances (SCF).

Both figures are the highest since the SCF was started being conducted in 1989.

"Between the 2019 and 2022 surveys, the COVID-19 pandemic severely disrupted society and economic activity. Nonetheless, the SCF reveals broad-based improvements in U.S. family finances over this period, particularly with respect to net worth," it said.

The Fed said for families in the bottom half of the usual income distribution, the homeownership rate was 50.3% in 2022 -- the highest level since 2010.

"For families that own their primary residence, housing wealth increased substantially between 2019 and 2022, as the rise in house prices over this period far outpaced inflation," said the survey.

The survey, in addition, showed that showed a rise in stock ownership, both direct and indirect stock holdings, increasing to 58% in 2022, from 53% in 2019 and 52% in 2016.