The Strategist

Americans become record rich during the pandemic year

06/14/2021 - 04:30

Americans' assets (excluding debt) reached a record $154.2 trillion at the end of the first quarter of this year. Such data is posted on the US Federal Reserve's website.

Their combined wealth increased by $26.3 trillion compared with the end of March last year, when the coronavirus pandemic began. In quarterly terms, Americans' wealth increased by $5.2 trillion. Individuals owed $17.2 trillion and personal net worth was $136.9 trillion at the end of March.

Investments in stocks and funds were the main contributors to the increase in wealth. The value of company securities held by the public soared by $3.2 trillion (to $44.098 trillion) and the value of real estate rose by almost one trillion dollars (to $33.8 trillion).

Earlier, it was reported that US consumer prices rose five per cent year-on-year in May, a 13-year record. Core US inflation (excluding food and energy prices) in annual terms was the highest since June 1992 (plus 3.8 per cent). Over the year, food rose 2.2 per cent and energy rose 28.5 per cent.