U.S. WEALTH SKYROCKETS BY $2T

A stock market rally, which has since reversed, propelled U.S. household net worth to a record high of US$109 trillion in the July-September quarter. The Federal Reserve says the value of Americans’ stock and mutual fund holdings soared US$1.2 trillion. Home values rose US$200 billion. Other assets, such as bank accounts, also increased. Total net worth climbed US$2 trillion from nearly US$107 trillion in the April-June quarter. Greater household wealth can help the economy by lifting consumer spending. Yet wealth has been increasingly concentrated since the Great Recession, with just 10 per cent of U.S. population owning 84 per cent of stocks. The figure reflects the value of assets like homes, bank accounts and stocks minus debts like mortgages and credit cards. The figures aren’t adjusted for inflation or population growth.