Household Net Worth Q1 2024: The "Real" Story

Let's take a long-term view of household net worth from the latest Z.1 release. We've referred to this data series as "household" net worth. But, as we show in the chart titles, it also includes the net worth of nonprofit organizations. The ratio of two isn't clearly defined in the Fed data, and it obviously varies by asset and liability component.

A quick glance at the complete data series shows a distinct bubble in net worth that peaked in Q4 2007 with a trough in Q1 2009, the same quarter the stock market bottomed. As of Q1 2024, the latest Fed balance sheet indicates that household net worth has risen 171% since reaching its 2009 low. However, when adjusted for inflation, household net worth has actually increased by only 86% since the 2009 trough.

The nominal Q1 2024 net worth is up 3.3% from the previous quarter and up 8.8% from one year ago. After factoring in inflation, those figures are adjusted to 2.2 quarter-over-quarter and 5.3% year-over-year.

Household and Nonprofit Organizations Net Worth