US household net worth declined in the second quarter by the most on record as aggressive action by the Federal Reserve to tame rapid inflation sent stocks plunging.
Household net worth decreased by $6.1 trillion in the April-June period, or 4.1%, after falling about $147 billion in the first quarter, a Fed report showed Friday. The back-to-back quarterly declines pushed the the total down to $143.8 trillion, the lowest in a year.
The value of equity holdings slumped $7.7 trillion, while the value of real estate held by households rose by $1.4 trillion.
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