US household wealth drops for first time in 2 year
US household wealth declined for the first time in two years in the first quarter of 2022 as a drop in the stock market overwhelmed continued gains in home values, a Federal Reserve report on Thursday showed.
Household net worth edged down to $149.3 trillion from a record $149.8 trillion at the end of last year, the Fed's quarterly snapshot of the national balance sheet showed.
The drop was driven by a $3 trillion fall in the value of corporate equities - a plunge that has worsened in the current quarter - while real estate values climbed another $1.7 trillion.
It was the first decline in household wealth since the first quarter of 2020.