ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Swapna Venugopal Ramaswamy | National Housing and Economy Correspondent @SwapnaVenugopal | | | | |
Happy Thursday, Daily Money readers! This is Swapna Venugopal Ramaswamy bringing you today's top headlines. |
I am conflicted about calling anything a silver lining of the pandemic, but Americans got a lot wealthier over the period. | Americans got wealthier over the pandemic Justin Sullivan, Getty Images |
The median net worth of U.S. families surged 37% to $192,900 over the period, adjusted for inflation -- the largest rise in the history of the Fed's Survey of Consumer Finances, which is conducted every three years. |
Median income, meanwhile, grew a relatively modest 3% and debt was fairly stable, the Fed said in the report. |
The gains also lifted people from all racial, income, age and education and other groups. Families that didn't finish high school notched the largest median gain in net worth at 60%. The net worth of Black families also rose 60%, the largest among racial groups, but their median wealth totaled $44,900 in 2022, still far below $285,000 for Whites. |
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