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Wealth Inequality and COVID-19: Evidence from the Distributional Financial Accounts, Accessible Data

Figure 1: Level and Change in Aggregate Household Net Worth

Trillions of dollars

Date Transactions (Net) Revaluations (Net) Level (right axis)
2010 Q1 0.21 0.62 60.51
2010 Q2 0.35 -0.98 59.93
2010 Q3 0.26 1.64 61.90
2010 Q4 0.27 0.82 63.36
2011 Q1 0.19 0.71 64.39
2011 Q2 0.47 0.03 64.79
2011 Q3 0.61 -2.28 63.11
2011 Q4 0.29 0.90 64.30
2012 Q1 0.03 1.74 66.19
2012 Q2 0.43 -0.28 66.19
2012 Q3 0.50 1.44 68.04
2012 Q4 0.31 0.55 68.94
2013 Q1 0.19 2.14 71.71
2013 Q2 0.18 0.53 72.70
2013 Q3 0.27 1.93 75.08
2013 Q4 0.12 1.58 77.00
2014 Q1 0.20 1.32 78.68
2014 Q2 0.36 1.60 80.51
2014 Q3 0.34 0.19 81.04
2014 Q4 0.51 0.98 82.76
2015 Q1 0.56 1.09 84.48
2015 Q2 0.14 0.41 84.99
2015 Q3 0.48 -1.28 84.02
2015 Q4 0.28 1.09 85.54
2016 Q1 0.49 0.70 86.72
2016 Q2 0.39 1.20 88.06
2016 Q3 0.08 1.60 89.71
2016 Q4 -0.27 0.40 90.30
2017 Q1 0.40 1.96 92.71
2017 Q2 0.34 1.43 94.28
2017 Q3 0.19 1.70 96.05
2017 Q4 0.15 2.00 98.53
2018 Q1 0.50 0.41 99.61
2018 Q2 0.23 1.18 100.90
2018 Q3 0.41 1.49 102.78
2018 Q4 0.28 -3.88 99.15
2019 Q1 0.65 4.68 104.71
2019 Q2 0.52 1.73 106.80
2019 Q3 0.24 0.53 107.52
2019 Q4 0.43 2.58 111.04
2020 Q1 0.65 -6.75 104.59
2020 Q2 1.51 6.74 112.64
2020 Q3 0.41 3.77 116.77
2020 Q4 0.69 6.81 124.56
2021 Q1 0.83 3.80 129.45

Note: The level of household net worth is plotted on the right axis, and the major sources of wealth change are plotted on the left axis. Transactions represent the net savings from flows into and out of each asset and liability. Revaluations represent the effect of changes in market prices. Omitted from this figure are other changes in volume, which typically account for a much smaller portion of wealth change, and capture things like changes in valuation methodology and the depreciation or destruction of real assets.

Source: Financial Accounts of the United States.

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Figure 2: Aggregate Net Transactions by Household Asset and Liability

Billions of dollars

Date Real Assets Deposits Money Market Funds and Debt Securities Equities and Mutual Funds Pensions Mortgages Consumer Credit Other (Net Asset)
2010 Q1 66.45 179.27 -95.06 162.29 665.62 -156.34 -28.15 -71.30
2011 Q1 98.38 654.39 201.92 -24.14 507.50 -58.65 109.41 182.94
2012 Q1 176.45 462.89 75.84 87.15 519.54 -106.97 158.68 -0.25
2013 Q1 243.24 373.50 -727.62 519.78 524.73 -11.82 177.56 -23.71
2014 Q1 293.00 470.02 -117.69 447.39 337.98 -4.84 219.07 166.69
2015 Q1 368.67 593.95 190.02 192.96 407.10 119.51 233.49 63.74
2016 Q1 413.95 577.28 -120.44 -171.45 320.76 195.98 236.21 94.25
2017 Q1 467.89 349.17 -79.58 413.61 479.59 295.72 194.32 -47.86
2018 Q1 492.02 327.73 995.93 -288.41 287.99 294.15 172.69 81.06
2019 Q1 475.92 479.52 732.17 166.42 402.24 293.88 185.54 48.67
2020 Q1 593.96 2324.50 9.94 266.16 454.61 450.57 -9.51 56.92
2021 Q1 933.14 3078.20 -986.87 1024.92 292.86 590.54 124.46 -269.06

Note: Figure 2 breaks down the flows shown in Figure 1 by major asset and liability category.

Source: Financial Accounts of the United States.

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Figure 3: Change in Net Worth by Wealth Group, by Asset and Liability type

Figure 3A: Net Worth - Top 1
Billions of dollars

Category 2019q4-2020q1 2020q1-2021q1
Real Assets 86.77 574.84
Deposits 135.57 865.90
Equities and MFs -3515.00 9181.42
Pensions 16.52 -100.94
Other Assets 118.21 -238.77
Liabilities 2.04 -10.68
Net Worth -3159.98 10293.12

Figure 3B: Net Worth - Next 9

Billions of dollars

Category 2019q4-2020q1 2020q1-2021q1
Real Assets 165.43 1010.59
Deposits 178.86 929.10
Equities and MFs -2144.69 5107.97
Pensions -675.72 1893.73
Other Assets -64.64 -37.88
Liabilities 30.22 377.48
Net Worth -2570.97 8526.03

Figure 3C: Net Worth - Next 40

Billions of dollars

Category 2019q4-2020q1 2020q1-2021q1
Real Assets 384.73 1718.48
Deposits 176.23 736.29
Equities and MFs -566.04 1584.00
Pensions -503.27 1424.62
Other Assets -101.71 114.92
Liabilities 21.81 226.03
Net Worth -631.88 5352.28

Figure 3D: Net Worth - Bottom 50

Billions of Dollars

Category 2019q4-2020q1 2020q1-2021q1
Real Assets 41.72 412.16
Deposits 19.34 130.14
Equities and MFs -37.44 85.87
Pensions -97.57 189.23
Other Assets -0.02 24.01
Liabilities 12.33 146.04
Net Worth -86.30 695.37

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Figure 4: Net Worth Shares by Wealth Group

Percent of Aggregate

Date Top 1% Next 9% Next 40% Bottom 50%
2019 Q1 30.88 38.46 29.06 1.60
2019 Q2 30.86 38.59 28.90 1.64
2019 Q3 30.66 38.70 28.88 1.76
2019 Q4 30.97 38.59 28.63 1.81
2020 Q1 29.86 38.51 29.80 1.84
2020 Q2 30.64 38.28 29.28 1.80
2020 Q3 31.03 38.04 29.09 1.84
2020 Q4 31.72 37.92 28.45 1.91
2021 Q1 32.07 37.70 28.21 2.02

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Last Update: August 30, 2021