ICYMI – American Household Wealth Reaches Historic High

If you are like most Americans, you probably did miss this, or are even shocked to hear that American wealth is reaching historic levels amidst the “Great Recession:”

A surging stock market and a steady recovery in home prices drove Americans’ wealth to a record last summer,” says an AP story published in USA Today.

The nation’s wealth rose 2.6% from July through September to a record $77.3 trillion

You probably missed this because 95% of the gains between 2009-2012 have gone strictly to the wealthiest top 1 percent of Americans, according to Brenda Cronin of the Wall Street Journal.

The AP story noted that the wealthiest 10% of U.S. households own about 80% of stocks. And home ownership has declined since the recession, particularly among lower-income Americans.