Submitted by CARPE DIEM

RECORD: $528,000 Net Worth Per Household

WASHINGTON (Reuters) - The net wealth of U.S. households rose to $58.60 trillion in the third quarter as financial asset gains outpaced slowing real estate values, a Federal Reserve report on Thursday showed (see chart above).

In the July-September period household net worth grew for the 20th consecutive quarter and established a new record high. The record $58.6 trillion posted in the most recent quarter was up from the second quarter’s $57.98 trillion, the previous record high. Compared to last year, household net worth has increased by $4 trillion, which translates to more than $36,000 of additional net worth per American household.

Household wealth has increased by almost $20 trillion in the last five years, and the average American household now owns about $528,000 worth of stuff (assets, real estate, etc.), free and clear of any debt! In 2002, average household wealth was about $370,000, and today it’s more than half a million dollars. Therefore, in just the last five years we’ve become more than a third richer (+43%), which is truly amazing!

Bottom Line: In spite of $100 oil, $3 gasoline, a weak dollar, and subprime mortgage troubles, Americans are wealthier than ever before, and probably wealthier than any country on the planet, with average household wealth of more than $500,000!

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