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US Household Net Worth Rose to Record in 2023 on Stock Holdings
Household wealth in the US increased to a record last year as investors reaped the benefits of a surging stock market and higher home values. Net worth increased $11.6 trillion from 2022, or 8%, to $156.2 trillion, a report from the Federal Reserve showed Thursday. The value of equities held directly and indirectly climbed about $7.8 trillion from a year earlier, while the value of real estate rose nearly $2 trillion. The S&P 500 rallied in the fourth quarter to finish more than 24% higher on the year amid prospects the economic expansion would remain intact despite tighter Fed monetary policy. And while higher ... (full story)