Data through: Q2 2026 · updated Sep 12 · Updates: Quarterly · Next: Dec 10
QThe three bars show the last 3 quarters for this indicator, oldest left to newest right. Bar height reflects each reading relative to the other two — the tallest is the highest of the three, the shortest the lowest.
Historical context: Currently in the 99th percentile historically — near historically high (favorable) levels.
What this means right now: Household net worth is growing strongly — a gain of 3% or more in the quarter, which has happened 26 times since 1988. A recession began within a year of the release after only one of them (Q1 2019). It has said little about stocks either: the S&P 500 was higher a year after the release in roughly 4 of every 5 cases (21 of the 25 with a year behind them), about the same as after any quarter (80.0%).
Household Net Worth · Quarterly · 1987–2026
NBER recessions
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Monthly values
Household Net Worth — the last 8 quarters
Every quarter's reading, with the band the heatmap gives it. The chart above shows the same series in full.
Quarter
Value
Band
Q2 2026
+7.2% QoQ
Very strong reading
Q1 2026
+0.4% QoQ
Within normal range
Q4 2025
+1.0% QoQ
Within normal range
Q3 2025
+3.0% QoQ
Healthy reading
Q2 2025
+4.0% QoQ
Very strong reading
Q1 2025
+0.0% QoQ
Within normal range
Quarter-end readings of the same series as the chart. Values are the current record, not point-in-time: a month that has since been revised shows its revised value.
What is the Household Net Worth?
Household net worth measures the total wealth of all US households — the difference between all assets (homes, stocks, retirement accounts, bank deposits) and all liabilities (mortgages, credit card debt, student loans). The quarter-over-quarter (QoQ) change shows whether American households are getting richer or poorer each quarter.
This indicator matters because of the "wealth effect": when households feel wealthier, they spend more, and spending drives the economy. Rising net worth supports consumer spending, business investment and confidence. Falling net worth, though, has not been a reliable recession warning. On the 11 occasions since 1988 when net worth first fell more than 1% in a quarter, a recession was under way or began within a year of the release after 3 (2000, 2007 and 2018) — and not after the other 8. The Federal Reserve publishes the figures quarterly in its Flow of Funds report.
How We Color-Code the Household Net Worth
Our heatmap colors this indicator against historically significant thresholds:
Below −3.0%
A sharp loss of wealth — rare: 6 quarters since 1988, in 4 episodes. A recession was under way or began within a year of the release after 2 (2008 and 2018), and not after the other 2 (2020, reported after that recession had ended, and 2022)
−3.0% – −1.0%
Wealth falling — uncommon, about 1 quarter in 13 since 1988 (8%)
−1.0% – 1.0%
Flat — little change in wealth either way
1.0% – 3.0%
Healthy growth — the most common state, half of all quarters since 1988 (51%)
3.0% or above
Strong gains — about 1 quarter in 6 since 1988 (17%); a recession began within a year after only one of them (Q1 2019)
Historical Extremes — What Happened Next?
When this indicator reaches extreme levels, history shows consistent patterns:
Q1 2020COVID Crash
−$5.87T QoQ (−5.5%)
The largest one-quarter loss of wealth in the site's record, which begins in 1987. It was fully recovered within a single quarter as stimulus and market gains restored wealth: the +7.2% gain of Q2 2020 is one of the two largest quarterly gains on record.
Q2 2022Rate Hike Wealth Destruction
−$5.72T QoQ (−4.0%)
Wealth fell for two quarters in a row, Q2 and Q3 2022, as stocks fell. No recession followed within the year.
Q4 2020Vaccine Rally Recovery
+$7.97T QoQ (+7.0%)
Stocks surged on vaccine news, and this was the largest one-quarter dollar gain in the record until Q2 2026 (+$12.5T). It fed the spending boom of 2021.
Frequently Asked Questions
What drives changes in US household net worth?
Mainly two things: the stock market (shares and retirement accounts are a large part of household wealth) and home prices (a home is the largest asset most households own). In a single quarter, a 10% fall in stocks or a 5% fall in home prices can each knock several trillion dollars off total household net worth.
What is the "wealth effect" and why does it matter for the economy?
The wealth effect describes how changes in perceived wealth affect spending behavior. When households see their investment accounts and home values rise, they tend to spend more freely. When they fall, spending contracts. Since consumer spending drives roughly 70% of US GDP, the wealth effect is one route by which asset prices reach the wider economy.
How much is total US household net worth?
Total US household net worth was $185.7 trillion in the latest quarter. That is about 5.7 times a year's GDP. It has more than tripled since its low in early 2009, as home prices and the stock market rose.
Why does the QoQ change matter more than the level?
The direction of change matters most for economic behavior. Households' spending habits respond to recent changes in wealth more than to absolute levels. A household with $500K in net worth that just lost 10% tends to cut spending more than one with $400K that just gained 10% — even though the first is still wealthier.
How quickly does household net worth data become available?
The Federal Reserve publishes this data quarterly in the Z.1 Financial Accounts release, typically 10-12 weeks after the end of each quarter. This means the most recent reading is always several months old, so it is a slow gauge of the economy.