The pandemic era witnessed a substantial surge in the net worth of the average American family, with increases in home and stock prices and government stimulus measures contributing significantly, according to the Federal Reserve's Survey of Consumer Finances. After adjusting for inflation, Americans' median net worth rose by 37% between 2019 and 2022 to $192,900, marking the largest increase since the survey began in 1989, CNBC reports.
Of course, not everyone benefited equally: Assets like homes and stocks are generally not held by families in the bottom 20% by income, for example, the Fed said.
And wealth gaps are still big: Families in the bottom 25% by wealth had a median net worth of $3,500 in 2022. The top 10% had $3.8 million.
“Those that have big a net worth in America keep getting bigger and those have no net worth are not making much progress,” said certified financial planner Ted Jenkin, CEO and founder of oXYGen Financial in Atlanta and a member of CNBC’s Advisor Council.
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