US Financial Accounts: US Household Wealth
Yardeni Research, Inc.
September 23, 2021
Dr. Edward Yardeni 516-972-7683 [email protected]
Debbie Johnson 480-663-1333 [email protected]
Mali Quintana 480-664-1333 [email protected]
Please visit our sites at www.yardeni.com blog.yardeni.com
thinking outside the box Table Of Contents TableTable OfOf ContentsContents
Net Worth 1-2 Assets 3-5 Liabilities 6 IRAs 7-8
September 23, 2021 / US Household Wealth Yardeni Research, Inc. www.yardeni.com Net Worth Figure 1. 155.6 155.6 133.6 US HOUSEHOLDS*: NET WORTH Q2 133.6 111.6 (trillion dollars, ratio scale) 111.6 89.6 89.6 67.6 67.6
45.6 45.6 Net Worth (141.7)
23.6 23.6
yardeni.com 1.6 1.6 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
* Sector includes domestic hedge funds, private equity funds, and personal trusts. Source: Federal Reserve Board Financial Accounts of the United States.
Figure 2. 8.0 8.0 US HOUSEHOLDS*: NET WORTH Q2 (as a ratio of disposable personal income) 7.5 7.5
7.0 7.0
6.5 6.5
6.0 6.0
5.5 5.5
5.0 5.0
4.5 4.5
yardeni.com 4.0 4.0 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
* Sector includes domestic hedge funds, private equity funds, and personal trusts. Source: Federal Reserve Board Financial Accounts of the United States and Bureau of Economic Analysis.
Page 1 / September 23, 2021 / US Household Wealth Yardeni Research, Inc. www.yardeni.com Net Worth Figure 3. 196.2 196.2 168.2 US HOUSEHOLDS*: NET WORTH, ASSETS, & LIABILITIES Q2 168.2 140.2 140.2 112.2 (trillion dollars, ratio scale) 112.2 84.2 84.2 56.2 56.2
28.2 28.2
Assets (159.3) Net Worth (141.7) Liabilities (17.7)
yardeni.com .2 .2 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
* Sector includes domestic hedge funds, private equity funds, and personal trusts. Source: Federal Reserve Board Financial Accounts of the United States.
Figure 4. 10 10 US HOUSEHOLDS: ASSETS & LIABILITIES (as a ratio of disposable personal income) Q2
8 8
6 6
4 Assets (8.8) 4 Liabilities (1.0)
2 2
yardeni.com 0 0 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board Financial Accounts of the United States and Bureau of Economic Analysis.
Page 2 / September 23, 2021 / US Household Wealth Yardeni Research, Inc. www.yardeni.com Assets Figure 5. 120.5 Q2 120.5 100.5 US HOUSEHOLDS: SELECTED ASSETS 100.5 80.5 (trillion dollars, ratio scale) 80.5 60.5 60.5
40.5 40.5 Household Assets Financial (113.1) 20.5 Nonfinancial (46.2) 20.5
yardeni.com .5 .5 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board Financial Accounts of the United States.
Figure 6. 50.1 Q2 50.1 40.1 US HOUSEHOLDS: SELECTED ASSETS 40.1 30.1 (trillion dollars, ratio scale) 30.1
20.1 20.1
10.1 10.1 Household Assets Equity Shares at Market Value (47.0) Deposits (17.1) Debt Securities (3.8)
yardeni.com .1 .1 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board Financial Accounts of the United States.
Page 3 / September 23, 2021 / US Household Wealth Yardeni Research, Inc. www.yardeni.com Assets Figure 7. 45.3 Q2 45.3 40.3 US HOUSEHOLDS: SELECTED ASSETS 40.3 35.3 35.3 30.3 (trillion dollars, ratio scale) 30.3 25.3 25.3 20.3 20.3 15.3 15.3
10.3 10.3 Equity Shares at Market Value (47.0)
5.3 5.3
yardeni.com .3 .3 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board Financial Accounts of the United States.
Figure 8. 60.1 60.1 50.1 US HOUSEHOLDS: SELECTED ASSETS Q2 50.1 40.1 (trillion dollars, ratio scale) 40.1 30.1 30.1 20.1 20.1
10.1 Household Assets 10.1 Equity Shares at Market Value (47.0) Directly Held (30.5) Indirectly Held (16.5)
yardeni.com .1 .1 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board Financial Accounts of the United States.
Page 4 / September 23, 2021 / US Household Wealth Yardeni Research, Inc. www.yardeni.com Assets Figure 9. Q2 30 30 US HOUSEHOLDS*: SELECTED ASSETS 28 (trillion dollars) 28 26 Household Assets 26 24 Corporate Equities: Directly Held (30.5) 24 Owners’ Equity in Household Real Estate (23.6) 22 Equity in Noncorporate Business (13.7) 22 Pension Entitlements (31.0) 20 20 Mutual Fund Shares (12.3) 18 18
16 16
14 14
12 12
10 10
8 8
6 6
4 4
2 2 yardeni.com 0 0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
* Sector includes domestic hedge funds, private equity funds, and personal trusts. Source: Federal Reserve Board Financial Accounts of the United States, Table L.101.
Figure 10. 45 45 US HOUSEHOLDS: SELECTED ASSETS (percent of assets) 40 40
Corporate Equities: Directly Held (21.5) 35 Owners’ Equity in Household Real Estate (16.7) 35 Equity in Noncorporate Business (9.7) Mutual Fund Shares (8.7) 30 30 Pension Fund Reserves (21.8)
25 25
Q2 20 20
15 15
10 10
5 5
yardeni.com 0 0 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board Financial Accounts of the United States.
Page 5 / September 23, 2021 / US Household Wealth Yardeni Research, Inc. www.yardeni.com Liabilities Figure 11. 14.1 14.1 12.1 US HOUSEHOLDS*: HOME MORTGAGE DEBT** Q2 12.1 10.1 (trillion dollars, nsa, ratio scale) 10.1 8.1 8.1 6.1 6.1
4.1 4.1
2.1 2.1
yardeni.com .1 .1 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
* Sector includes domestic hedge funds, private equity funds, and personal trusts. ** Includes home equity loans and second mortgages. Source: Federal Reserve Board Financial Accounts of the United States.
Figure 12. 76 76 US HOUSEHOLDS: HOME MORTGAGE DEBT* (as a percent of total liabilities) 74 74
72 72
70 70
68 68
66 66
64 Q2 64
62 62
60 60
yardeni.com 58 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
* Includes home equity loans and second mortgages. Source: Federal Reserve Board Financial Accounts of the United States.
Page 6 / September 23, 2021 / US Household Wealth Yardeni Research, Inc. www.yardeni.com IRAs Figure 13. 14.1 14.1 12.1 US HOUSEHOLDS: TOTAL INDIVIDUAL RETIREMENT ACCOUNTS Q4 12.1 10.1 (trillion dollars, ratio scale) 10.1 8.1 8.1 6.1 6.1
4.1 4.1
2.1 2.1 yardeni.com
.1 .1 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
Source: Federal Reserve Board Financial Accounts of the United States.
Figure 14. 14.1 14.1 US HOUSEHOLDS*: TOTAL INDIVIDUAL RETIREMENT ACCOUNTS (trillion dollars)
12.1 Q4 12.1
10.1 10.1
8.1 8.1
6.1 yardeni.com 6.1
4.1 4.1
2.1 2.1
.1 .1 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
* Sector includes domestic hedge funds, private equity funds, and personal trusts. Source: Federal Reserve Board Financial Accounts of the United States.
Page 7 / September 23, 2021 / US Household Wealth Yardeni Research, Inc. www.yardeni.com IRAs Figure 15. 150 150 US HOUSEHOLDS: TOTAL INDIVIDUAL RETIREMENT ACCOUNTS (divided by number of US households, thousands)
100 100 Q4 yardeni.com
50 50
0 0 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
Source: Federal Reserve Board Financial Accounts of the United States.
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