The drop is because of the poor performance of the stock market in the fourth quarter of 2018.
Christopher Ingraham/The Washington Post By Christopher Ingraham Christopher Ingraham Reporter covering all things data Email Bio Follow March 7 at 3:34 PM Total household net worth in the fourth quarter of 2018 dropped by the largest amount since the fourth quarter of 2008 when the country was amid a steep recession, according to data released Thursday by the Federal Reserve.
Christopher Ingraham/The Washington Post The data shows that change was driven by the poor performance of the stock market in the fourth quarter of last year. The flailing market erased $4.6 trillion in assets from household and nonprofit balance sheets, which was offset somewhat by gains in real estate and other assets.
More important, most of the household wealth in the United States is owned by the country’s richest families. In 2016, for instance, the top 1 percent of families owned 40 percent of all household wealth, with the next 9 percent of families holding an additional 29 percent. That leaves 21 percent of the country’s net worth for the remaining 90 percent of American families.
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