Americans lost half a trillion dollars in wealth in early 2022
CNN
Americans' wealth took a nosedive early this year as the stock market plummeted.
The net worth of households and nonprofit organizations dropped $0.5 trillion to $149.3 trillion in the first quarter, according to Federal Reserve Bank data released Thursday. That's a notable turnaround from the robust gains in wealth that began in mid-2020, fueled by skyrocketing prices of homes and equities.
The first-quarter decline reflects the swoon in the stock market earlier this year, which slashed $3 trillion from the value of directly and indirectly held corporate equities. The total value of these holdings was $46.3 trillion in the first quarter, making it one of households' largest assets.
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