Posted: Dec 9, 2013 7:42 PM by Michael Marsh
Updated: Dec 9, 2013 7:42 PM
Source: Associated Press
WASHINGTON- The wealth of Americans reached an all-time high this summer but the gains are not equally distributed among households.
The Federal Reserve says net worth reflects the value of homes, stocks, bank accounts and other assets minus mortgages, credit cards and other debts.
The net worth of Americans rose almost three-percent to $77.3 trillion last summer.
Greater net worth can create what's called a "wealth effect", which boosts economic growth by encouraging more households to spend.
The largest segment of the U.S. economy is consumer spending.
The wealthiest 10 percent of households own about 80 percent of stocks and home ownership declined since the recession began in 2008.