The Federal Reserve reported on Wednesday that the net worth of the typical U.S. household increased by 37% between 2020 and 2022. The median household net worth at the end of last year was nearly $193,000, adjusted for inflation.
“The broad-based wealth increase helps explain the surprising durability of the U.S. economy this year and the consumer spending that powers about two-thirds of it. For at least a year, economists have been warning of a forthcoming recession. Yet the economy has kept chugging along,” stated the Associated Press.
