Americans' household wealth rises to $89.1 trillion

[Hamartia Antidote]

http://www.cbsnews.com/news/americans-household-wealth-rises-to-89-1-trillion/

WASHINGTON - U.S. household wealth rose at a solid pace in the April-June quarter, pushed by steady gains in home values and stock portfolios.

The Federal Reserve says net worth climbed 1.2 percent to $89.1 trillion, led by a $474 billion increase in housing wealth. Americans’ stock and mutual portfolios climbed by $452 billion. Money in checking and saving accounts also rose slightly.

Americans are also taking on more debt, particularly mortgages, which suggests they are more confident in their economic futures and their ability to handle the debts. Mortgage debt rose 2.5 percent, the most since the recession.

Household wealth, or net worth, reflects the value of homes, stocks and other assets minus mortgages, credit card debt and other borrowing. The Fed’s figures aren’t adjusted for population growth or inflation.

 

[Dungeness]

So average family of 4 have a cool $1,000,000 net worth!

 

[Hamartia Antidote]

So average family of 4 have a cool $1,000,000 net worth!

Well we all know averages are meaningless...mean is better.
Although I have a family of four and beat the average.

 

[ali_raza]

americans are very rich thats for sure.i m living here

 

[Hamartia Antidote]

americans are very rich thats for sure.i m living here

Haha you are our new @Syed.Ali.Haider

(Although he wants to keep the real US a secret so everybody else doesn't come over here and ruin it)

 

[war&peace]

Well we all know averages are meaningless...mean is better.
Although I have a family of four and beat the average.

The same holds true in my case as well. But I think that points to huge differences between the strata of the society.

 

[DJ_Viper]

So average family of 4 have a cool $1,000,000 net worth!

I hope you know average family income is like $ 54K per family. So no, it doesn't work like the way you imagined. Majority of this, outside of the stock portfolios, comes from the top 10% and then within that, majority comes from the top 1% population that makes, or has made a billion plus. So Mr. Hathaway's worth is $ 87 billion. That means it is 87,000 millions. Which means, out of 330 million population, his money can give everyone a million dollars (ghost money, as an average) and he would still be left with $ 86.370 billion. But this is of-course an average and they never see that money . But yes, the general concept is, improving economy helps everyone and everyone sees their home prices increase, etc, etc.

 

[AZADPAKISTAN2009]

What about Mafia money and Casino ?

 

[Hamartia Antidote]

The same holds true in my case as well.

I'm quite sure Dungeness is too.
It just shows it isn't a rarity.

 

[war&peace]

I'm quite sure Dungeness is too.
It just shows it isn't a rarity.

I think that's exclusive for you

 

[Hamartia Antidote]

I think that's exclusive for you

I'm the one saying averages are meaningless. I never said almost everybody is worth $1M.

 

[ali_raza]

Now you can relax. It is only the first million that is that hardest.

I mean, it is horrible here in USA. In China, the streets are paved with gold. People must go there!

america will always be land of opportunity

 

[india2050]

Well we all know averages are meaningless...mean is better.
Although I have a family of four and beat the average.

Perhaps you meant 'median' ...mean and average are one and the same

 

[Hamartia Antidote]

Perhaps you meant 'median' ...mean and average are one and the same

Ah yes the "meaningless" part dribbled into the "median" part.

 

[Butchcassidy]

Please dont come here, we are very poor. Only jews are rich in America. Its all a zionist conspiracy. Ordinary folks pick cotton on plantations owned by joos