In the first quarter of 2017, Americans’ net worth hit $94.8 trillion, which was up 1.4 percent, the Associated Press reported.
According to the Federal Reserve, stock and mutual fund portfolios increased by $1.3 trillion in value and home values were up $499 billion.
Before the recession, which began in December 2007, household net worth stood at about $66.5 trillion. Household net worth has greatly increased since then.
"Record-high stock prices are the primary driver of greater household wealth," the article states. "The Dow Jones industrial average has more than tripled from its recession-era low of 6,547 to 21,174 on Wednesday."
"Yet just 10 percent of the U.S. population owns 80 percent of stock market wealth," the article explains. "Meanwhile, middle-income households derive most of their wealth from their homes."
While net worth is up, spending has not increased at the same rate. Before the recession, spending increased at about 3.4 percent, compared with 2.3 percent since 2009.
"One reason for the sluggish spending is that Americans are borrowing less for immediate consumption," the article says. "Household debt has reached record heights, but the debt has been driven mostly by ballooning student and auto loans. Mortgages, credit card debt and home equity lines of credit still lag pre-recession levels."
