The wealth of Americans has declined significantly this year in light of the deterioration of the stock market, as the net worth of households and non-profit organizations fell by half a trillion dollars to 149.3 trillion dollars in the first quarter, according to data from the Federal Reserve, CNN said.
The network stated that this is a marked reversal from the strong gains in wealth that began in the middle of 2020, driven by the massive rise in house and stock prices.
The decline in the first quarter reflects what happened in the stock market earlier this year when 3 trillion dollars were erased from the value of shares of companies owned directly and indirectly.
The total value of these holdings was $46.3 trillion in the first quarter, making it one of the largest household assets.
Follow the latest news on Google News
