Household Net Worth Q1 2023: 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. The latest Fed balance sheet, through Q1 2023, shows that total household and nonprofit organizations net worth is 151% above the 2009 trough. The nominal Q1 2023 net worth is up 2.1% from the previous quarter and down 2.5% year-over-year.

Household and Nonprofit Organizations Net Worth