Accessible Version

Accessible Version

Figure 1. Change in household wealth since 1989, by income percentiles

1989:Q3 = 100

Period Income percentile group
0% to 40% 40% to 70% 70% to 90% 90% to 100%
1989:Q3 100 100 100 100
1989:Q4 102 101 100 101
1990:Q1 103 103 99 99
1990:Q2 103 103 99 98
1990:Q3 103 103 99 94
1990:Q4 104 102 97 95
1991:Q1 106 103 98 98
1991:Q2 105 103 99 96
1991:Q3 106 103 99 97
1991:Q4 105 103 102 100
1992:Q1 104 103 103 98
1992:Q2 105 103 104 96
1992:Q3 107 103 105 97
1992:Q4 108 103 102 101
1993:Q1 109 104 103 101
1993:Q2 109 105 103 101
1993:Q3 110 105 104 102
1993:Q4 113 106 102 104
1994:Q1 115 108 101 103
1994:Q2 116 109 101 102
1994:Q3 117 110 102 102
1994:Q4 120 111 101 101
1995:Q1 122 112 102 102
1995:Q2 123 112 103 104
1995:Q3 125 112 103 107
1995:Q4 126 112 103 110
1996:Q1 126 113 106 111
1996:Q2 126 113 106 112
1996:Q3 128 114 105 113
1996:Q4 129 114 105 116
1997:Q1 129 115 108 114
1997:Q2 131 116 110 121
1997:Q3 132 117 112 127
1997:Q4 132 118 115 127
1998:Q1 134 119 119 136
1998:Q2 135 121 119 138
1998:Q3 133 123 122 129
1998:Q4 136 122 126 141
1999:Q1 137 121 128 142
1999:Q2 139 122 127 147
1999:Q3 135 122 132 142
1999:Q4 137 122 137 156
2000:Q1 139 123 137 161
2000:Q2 138 124 138 156
2000:Q3 138 124 135 159
2000:Q4 137 125 132 153
2001:Q1 134 124 135 147
2001:Q2 133 124 135 153
2001:Q3 130 124 136 144
2001:Q4 133 126 139 150
2002:Q1 134 127 137 153
2002:Q2 134 128 134 146
2002:Q3 130 129 136 135
2002:Q4 132 131 135 140
2003:Q1 131 131 137 137
2003:Q2 131 133 142 144
2003:Q3 131 135 145 145
2003:Q4 131 137 149 153
2004:Q1 131 140 155 159
2004:Q2 131 143 154 160
2004:Q3 130 146 158 161
2004:Q4 135 146 158 171
2005:Q1 138 147 158 172
2005:Q2 140 149 161 177
2005:Q3 139 148 162 181
2005:Q4 140 148 164 185
2006:Q1 141 147 164 195
2006:Q2 141 146 163 190
2006:Q3 141 145 162 191
2006:Q4 144 145 163 198
2007:Q1 144 143 162 200
2007:Q2 145 140 159 199
2007:Q3 147 140 156 199
2007:Q4 144 135 150 195
2008:Q1 137 129 148 186
2008:Q2 136 125 140 180
2008:Q3 132 124 132 168
2008:Q4 136 123 127 156
2009:Q1 134 123 128 151
2009:Q2 134 120 131 156
2009:Q3 133 123 133 162
2009:Q4 131 118 134 165
2010:Q1 129 118 135 170
2010:Q2 128 119 135 165
2010:Q3 129 120 138 171
2010:Q4 127 117 140 178
2011:Q1 125 117 141 180
2011:Q2 123 116 140 181
2011:Q3 121 120 142 168
2011:Q4 120 119 146 172
2012:Q1 118 117 148 179
2012:Q2 118 119 151 176
2012:Q3 116 121 156 181
2012:Q4 118 122 158 182
2013:Q1 119 121 163 191
2013:Q2 119 123 168 191
2013:Q3 119 124 175 196
2013:Q4 119 124 175 205
2014:Q1 118 125 176 208
2014:Q2 118 125 175 213
2014:Q3 118 126 176 211
2014:Q4 118 127 177 218
2015:Q1 120 129 179 225
2015:Q2 120 129 176 224
2015:Q3 118 131 177 217
2015:Q4 119 131 178 223
2016:Q1 121 132 177 226
2016:Q2 120 133 178 227
2016:Q3 118 134 179 233
2016:Q4 121 135 187 230
2017:Q1 123 137 189 235
2017:Q2 124 137 192 238
2017:Q3 123 138 197 242
2017:Q4 123 137 198 249
2018:Q1 124 139 200 248
2018:Q2 123 140 204 249
2018:Q3 126 140 199 257
2018:Q4 121 140 202 238

Note: Wealth values are reported in 2018 dollars using personal consumption expenditures prices and indexed to 1989:Q3.

Source: Federal Reserve Board, Distributional Financial Accounts; Bureau of Economic Analysis; calculations by Board staff.

Figure 2. Change in household wealth since 2007, by income percentiles

2007:Q1 = 100

Period Income percentile group
0% to 40% 40% to 70% 70% to 90% 90% to 100%
2007:Q1 100 100 100 100
2007:Q2 101 98 98 100
2007:Q3 102 98 96 100
2007:Q4 100 94 92 98
2008:Q1 95 90 91 93
2008:Q2 94 87 86 90
2008:Q3 91 87 81 84
2008:Q4 94 86 78 78
2009:Q1 93 86 79 75
2009:Q2 93 84 81 78
2009:Q3 92 86 82 81
2009:Q4 91 83 83 83
2010:Q1 90 83 83 85
2010:Q2 89 83 83 82
2010:Q3 89 84 85 85
2010:Q4 88 82 86 89
2011:Q1 87 82 87 90
2011:Q2 86 81 86 90
2011:Q3 84 84 87 84
2011:Q4 83 83 90 86
2012:Q1 82 82 91 90
2012:Q2 82 84 93 88
2012:Q3 81 84 96 91
2012:Q4 82 85 97 91
2013:Q1 82 85 100 95
2013:Q2 82 86 103 96
2013:Q3 82 87 108 98
2013:Q4 82 87 108 103
2014:Q1 82 87 108 104
2014:Q2 82 87 108 106
2014:Q3 81 88 108 106
2014:Q4 82 89 109 109
2015:Q1 83 90 110 112
2015:Q2 83 90 108 112
2015:Q3 82 91 109 109
2015:Q4 82 92 110 112
2016:Q1 84 93 109 113
2016:Q2 83 93 109 114
2016:Q3 82 94 111 117
2016:Q4 84 95 115 115
2017:Q1 85 95 117 118
2017:Q2 86 96 118 119
2017:Q3 85 96 121 121
2017:Q4 85 96 122 124
2018:Q1 86 97 123 124
2018:Q2 86 98 126 125
2018:Q3 87 98 122 129
2018:Q4 84 98 125 119

Note: Wealth values are reported in 2018 dollars using personal consumption expenditures prices and indexed to 2007:Q1. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research: 2007:Q4-2009:Q2.

Source: Federal Reserve Board, Distributional Financial Accounts; Bureau of Economic Analysis; calculations by Board staff.

Figure 3. Average wealth of middle- and top-income households, 1989 and 2018

2018 dollars

Year Income percentile group
40% to 70% 90% to 100%
1989 245,390 1,817,668
2018 340,645 4,490,382

Note: Wealth values are reported in 2018 dollars using personal consumption expenditures prices and averaged over each year.

Source: Federal Reserve Board, Distributional Financial Accounts; Bureau of Economic Analysis; calculations by Board staff.

Figure 4. Share of total wealth of middle- and top-income households, 1989-2018

Percent

Period Income percentile group
40% to 70% 90% to 100%
1989:Q3 19.1 47.2
1989:Q4 19.2 47.2
1990:Q1 19.6 46.6
1990:Q2 19.6 46.5
1990:Q3 20.1 45.4
1990:Q4 19.9 45.9
1991:Q1 19.7 46.4
1991:Q2 19.9 45.9
1991:Q3 19.8 45.9
1991:Q4 19.4 46.5
1992:Q1 19.5 46.0
1992:Q2 19.6 45.3
1992:Q3 19.5 45.2
1992:Q4 19.2 46.5
1993:Q1 19.3 46.5
1993:Q2 19.4 46.3
1993:Q3 19.3 46.4
1993:Q4 19.3 46.9
1994:Q1 19.7 46.4
1994:Q2 19.9 45.9
1994:Q3 19.9 45.7
1994:Q4 20.2 45.5
1995:Q1 20.1 45.5
1995:Q2 19.9 45.7
1995:Q3 19.7 46.3
1995:Q4 19.4 46.9
1996:Q1 19.2 47.0
1996:Q2 19.2 47.1
1996:Q3 19.3 47.2
1996:Q4 19.1 47.8
1997:Q1 19.2 47.2
1997:Q2 18.6 48.3
1997:Q3 18.3 49.1
1997:Q4 18.3 48.6
1998:Q1 17.7 49.8
1998:Q2 17.8 50.1
1998:Q3 18.4 48.2
1998:Q4 17.4 50.0
1999:Q1 17.2 49.9
1999:Q2 17.0 50.8
1999:Q3 17.3 49.5
1999:Q4 16.3 51.5
2000:Q1 16.0 52.1
2000:Q2 16.4 51.3
2000:Q3 16.4 51.8
2000:Q4 16.8 51.3
2001:Q1 17.1 50.1
2001:Q2 16.7 51.2
2001:Q3 17.3 49.7
2001:Q4 17.0 50.3
2002:Q1 17.0 50.7
2002:Q2 17.6 49.8
2002:Q3 18.4 47.8
2002:Q4 18.3 48.4
2003:Q1 18.5 47.8
2003:Q2 18.1 48.5
2003:Q3 18.2 48.3
2003:Q4 17.7 49.3
2004:Q1 17.6 49.6
2004:Q2 17.9 49.6
2004:Q3 18.1 49.3
2004:Q4 17.5 50.6
2005:Q1 17.5 50.6
2005:Q2 17.3 50.9
2005:Q3 17.0 51.4
2005:Q4 16.8 51.9
2006:Q1 16.2 53.2
2006:Q2 16.3 52.8
2006:Q3 16.3 52.9
2006:Q4 15.9 53.7
2007:Q1 15.6 54.1
2007:Q2 15.4 54.4
2007:Q3 15.5 54.5
2007:Q4 15.3 54.9
2008:Q1 15.3 54.4
2008:Q2 15.3 54.5
2008:Q3 16.1 53.7
2008:Q4 16.7 52.2
2009:Q1 16.9 51.3
2009:Q2 16.3 52.1
2009:Q3 16.2 52.9
2009:Q4 15.5 53.5
2010:Q1 15.3 54.3
2010:Q2 15.6 53.5
2010:Q3 15.4 54.1
2010:Q4 14.7 55.1
2011:Q1 14.5 55.5
2011:Q2 14.5 55.7
2011:Q3 15.5 53.5
2011:Q4 15.1 53.9
2012:Q1 14.5 55.0
2012:Q2 14.8 54.2
2012:Q3 14.6 54.5
2012:Q4 14.6 54.3
2013:Q1 14.1 55.0
2013:Q2 14.2 54.6
2013:Q3 13.9 54.6
2013:Q4 13.6 55.8
2014:Q1 13.6 56.0
2014:Q2 13.4 56.6
2014:Q3 13.6 56.3
2014:Q4 13.4 56.9
2015:Q1 13.3 57.3
2015:Q2 13.3 57.6
2015:Q3 13.8 56.6
2015:Q4 13.6 57.2
2016:Q1 13.6 57.4
2016:Q2 13.6 57.5
2016:Q3 13.5 58.0
2016:Q4 13.5 57.0
2017:Q1 13.4 57.2
2017:Q2 13.3 57.3
2017:Q3 13.1 57.4
2017:Q4 12.9 58.0
2018:Q1 13.0 57.6
2018:Q2 13.0 57.5
2018:Q3 12.9 58.5
2018:Q4 13.4 56.5

Source: Federal Reserve Board, Distributional Financial Accounts; calculations by Board staff.

Figure 5. How middle-income adults would pay an unexpected $400 expense

  Percent
Not able to pay 6
Borrow or sell something 27
Savings, cash, or equivalent 65

Note: Tabulations for middle-income adults only, defined as those with family income from $40,000 to $99,000. Percents may not sum to 100 due to rounding and question nonresponse.

Source: Federal Reserve Board, 2018 Survey of Household Economics and Decisionmaking; calculations by Board staff.

Figure 6. Average pension assets of middle-income households, 1989-2018

2018 dollars

Period Pension assets
1989:Q3 67,834
1989:Q4 67,848
1990:Q1 68,615
1990:Q2 67,218
1990:Q3 67,114
1990:Q4 67,732
1991:Q1 68,758
1991:Q2 70,128
1991:Q3 70,782
1991:Q4 70,164
1992:Q1 70,711
1992:Q2 71,274
1992:Q3 72,503
1992:Q4 74,327
1993:Q1 75,077
1993:Q2 76,102
1993:Q3 76,879
1993:Q4 77,443
1994:Q1 79,693
1994:Q2 81,611
1994:Q3 82,754
1994:Q4 85,798
1995:Q1 88,165
1995:Q2 90,208
1995:Q3 92,056
1995:Q4 93,113
1996:Q1 94,150
1996:Q2 95,067
1996:Q3 97,822
1996:Q4 98,803
1997:Q1 102,500
1997:Q2 105,352
1997:Q3 106,711
1997:Q4 110,060
1998:Q1 112,343
1998:Q2 111,011
1998:Q3 114,363
1998:Q4 116,385
1999:Q1 118,005
1999:Q2 117,239
1999:Q3 119,883
1999:Q4 121,374
2000:Q1 120,881
2000:Q2 120,026
2000:Q3 117,432
2000:Q4 112,252
2001:Q1 110,288
2001:Q2 105,660
2001:Q3 104,837
2001:Q4 107,368
2002:Q1 106,453
2002:Q2 103,590
2002:Q3 104,474
2002:Q4 105,656
2003:Q1 108,755
2003:Q2 111,077
2003:Q3 113,912
2003:Q4 115,461
2004:Q1 116,289
2004:Q2 117,184
2004:Q3 120,180
2004:Q4 120,080
2005:Q1 120,282
2005:Q2 121,249
2005:Q3 121,532
2005:Q4 122,406
2006:Q1 122,572
2006:Q2 123,147
2006:Q3 124,152
2006:Q4 125,232
2007:Q1 125,673
2007:Q2 125,518
2007:Q3 123,862
2007:Q4 119,759
2008:Q1 117,646
2008:Q2 114,540
2008:Q3 107,650
2008:Q4 106,751
2009:Q1 109,770
2009:Q2 112,637
2009:Q3 113,737
2009:Q4 114,117
2010:Q1 112,336
2010:Q2 113,933
2010:Q3 116,381
2010:Q4 118,115
2011:Q1 118,078
2011:Q2 114,927
2011:Q3 115,948
2011:Q4 118,843
2012:Q1 118,883
2012:Q2 120,220
2012:Q3 121,003
2012:Q4 122,761
2013:Q1 124,297
2013:Q2 126,461
2013:Q3 129,576
2013:Q4 130,179
2014:Q1 130,690
2014:Q2 130,430
2014:Q3 130,908
2014:Q4 131,546
2015:Q1 132,372
2015:Q2 130,283
2015:Q3 130,842
2015:Q4 131,638
2016:Q1 132,240
2016:Q2 132,463
2016:Q3 132,898
2016:Q4 134,795
2017:Q1 135,580
2017:Q2 136,836
2017:Q3 138,419
2017:Q4 137,935
2018:Q1 138,068
2018:Q2 139,588
2018:Q3 136,272
2018:Q4 137,474

Note: Wealth values are reported in 2018 dollars using personal consumption expenditures prices.

Source: Federal Reserve Board, Distributional Financial Accounts; Bureau of Economic Analysis; calculations by Board staff.

Figure 7. Average pension assets by age, across all households, 1989 and 2018

2018 dollars

Year Age
under 35 35-44 45-54 55-64 65-74 75+
1989 16,772 74,979 153,674 167,780 124,475 38,192
2018 37,807 129,471 219,511 339,180 347,981 157,890

Note: Wealth values are reported in 2018 dollars using personal consumption expenditures prices and averaged over each year.

Source: Federal Reserve Board, Distributional Financial Accounts; Bureau of Economic Analysis; calculations by Board staff.

Figure 8. Change in average assets and liabilities of middle-income households since 1989

1989:Q3 = 100

Period Assets Liabilities
1989:Q3 100 100
1989:Q4 102 102
1990:Q1 102 101
1990:Q2 103 103
1990:Q3 103 103
1990:Q4 102 102
1991:Q1 103 101
1991:Q2 103 104
1991:Q3 103 103
1991:Q4 103 104
1992:Q1 103 103
1992:Q2 103 105
1992:Q3 104 106
1992:Q4 103 103
1993:Q1 104 102
1993:Q2 105 104
1993:Q3 105 105
1993:Q4 106 104
1994:Q1 107 103
1994:Q2 109 106
1994:Q3 109 108
1994:Q4 111 111
1995:Q1 112 113
1995:Q2 113 116
1995:Q3 113 119
1995:Q4 114 120
1996:Q1 114 121
1996:Q2 115 123
1996:Q3 116 123
1996:Q4 116 124
1997:Q1 117 126
1997:Q2 118 128
1997:Q3 119 130
1997:Q4 120 133
1998:Q1 122 133
1998:Q2 124 138
1998:Q3 125 139
1998:Q4 125 143
1999:Q1 125 143
1999:Q2 126 144
1999:Q3 127 148
1999:Q4 127 151
2000:Q1 127 150
2000:Q2 129 153
2000:Q3 129 154
2000:Q4 130 154
2001:Q1 129 154
2001:Q2 130 157
2001:Q3 130 159
2001:Q4 132 162
2002:Q1 133 162
2002:Q2 134 163
2002:Q3 136 168
2002:Q4 137 171
2003:Q1 138 172
2003:Q2 141 180
2003:Q3 143 185
2003:Q4 146 190
2004:Q1 149 192
2004:Q2 152 195
2004:Q3 156 201
2004:Q4 156 203
2005:Q1 157 203
2005:Q2 159 208
2005:Q3 159 212
2005:Q4 160 215
2006:Q1 159 219
2006:Q2 159 224
2006:Q3 159 228
2006:Q4 159 231
2007:Q1 158 231
2007:Q2 156 233
2007:Q3 156 235
2007:Q4 152 235
2008:Q1 147 236
2008:Q2 143 231
2008:Q3 141 226
2008:Q4 140 226
2009:Q1 140 227
2009:Q2 138 226
2009:Q3 140 223
2009:Q4 135 220
2010:Q1 134 215
2010:Q2 134 213
2010:Q3 136 211
2010:Q4 133 209
2011:Q1 131 203
2011:Q2 130 199
2011:Q3 133 196
2011:Q4 131 195
2012:Q1 129 190
2012:Q2 131 188
2012:Q3 132 187
2012:Q4 132 183
2013:Q1 131 180
2013:Q2 133 179
2013:Q3 133 180
2013:Q4 133 179
2014:Q1 134 178
2014:Q2 134 178
2014:Q3 135 178
2014:Q4 136 179
2015:Q1 137 179
2015:Q2 137 180
2015:Q3 139 183
2015:Q4 140 182
2016:Q1 141 181
2016:Q2 141 184
2016:Q3 143 187
2016:Q4 144 187
2017:Q1 145 187
2017:Q2 146 189
2017:Q3 147 192
2017:Q4 147 193
2018:Q1 148 192
2018:Q2 149 195
2018:Q3 149 194
2018:Q4 150 198

Note: Wealth values are reported in 2018 dollars using personal consumption expenditures prices and indexed to 1989:Q3.

Source: Federal Reserve Board, Distributional Financial Accounts; Bureau of Economic Analysis; calculations by Board staff.

Figure 9. Average real estate assets, mortgage debt, and home equity of middle-income households, 1989-2018

2018 dollars

Period Real estate assets Mortgage debt Home equity
1989:Q3 94,927 31,217 63,710
1989:Q4 96,174 32,053 64,121
1990:Q1 95,379 31,762 63,617
1990:Q2 95,548 33,036 62,513
1990:Q3 94,127 33,160 60,967
1990:Q4 92,786 32,198 60,588
1991:Q1 92,727 32,215 60,512
1991:Q2 92,691 33,974 58,717
1991:Q3 93,016 33,751 59,265
1991:Q4 92,664 33,984 58,680
1992:Q1 92,063 34,136 57,928
1992:Q2 92,578 34,995 57,583
1992:Q3 92,208 35,415 56,793
1992:Q4 91,283 33,982 57,301
1993:Q1 91,814 34,134 57,679
1993:Q2 92,620 35,095 57,524
1993:Q3 93,127 35,478 57,650
1993:Q4 92,733 34,443 58,289
1994:Q1 92,903 34,551 58,353
1994:Q2 93,281 35,619 57,663
1994:Q3 92,754 36,174 56,580
1994:Q4 92,723 36,449 56,274
1995:Q1 94,259 37,426 56,833
1995:Q2 95,582 38,375 57,207
1995:Q3 96,574 38,996 57,577
1995:Q4 96,293 38,455 57,839
1996:Q1 96,076 39,285 56,791
1996:Q2 95,913 39,765 56,148
1996:Q3 95,750 39,487 56,264
1996:Q4 95,601 39,515 56,087
1997:Q1 96,024 40,125 55,898
1997:Q2 97,221 40,882 56,339
1997:Q3 97,579 41,276 56,303
1997:Q4 98,765 41,832 56,933
1998:Q1 100,104 42,342 57,761
1998:Q2 102,944 44,523 58,420
1998:Q3 104,418 44,185 60,234
1998:Q4 104,846 44,994 59,853
1999:Q1 105,226 44,876 60,350
1999:Q2 106,339 45,875 60,464
1999:Q3 106,824 46,705 60,120
1999:Q4 108,216 47,647 60,568
2000:Q1 109,752 47,531 62,222
2000:Q2 112,300 49,029 63,271
2000:Q3 113,440 49,051 64,389
2000:Q4 115,829 49,327 66,502
2001:Q1 117,651 49,268 68,383
2001:Q2 119,693 51,411 68,282
2001:Q3 121,895 51,611 70,284
2001:Q4 122,780 52,328 70,452
2002:Q1 124,387 53,050 71,337
2002:Q2 126,723 54,585 72,138
2002:Q3 128,793 56,412 72,381
2002:Q4 130,041 57,302 72,738
2003:Q1 131,224 58,113 73,111
2003:Q2 134,129 61,454 72,675
2003:Q3 137,906 63,376 74,531
2003:Q4 140,825 64,874 75,951
2004:Q1 144,980 66,598 78,382
2004:Q2 150,671 68,136 82,536
2004:Q3 155,590 70,274 85,316
2004:Q4 156,794 71,141 85,653
2005:Q1 160,013 71,755 88,258
2005:Q2 163,923 74,084 89,839
2005:Q3 166,278 76,375 89,904
2005:Q4 167,645 77,403 90,242
2006:Q1 168,380 79,738 88,642
2006:Q2 166,993 82,198 84,795
2006:Q3 165,334 83,617 81,717
2006:Q4 164,358 84,411 79,946
2007:Q1 160,439 84,974 75,466
2007:Q2 153,960 85,783 68,177
2007:Q3 148,038 86,478 61,560
2007:Q4 144,759 86,604 58,155
2008:Q1 138,764 87,675 51,089
2008:Q2 131,056 85,882 45,174
2008:Q3 125,531 84,009 41,522
2008:Q4 124,145 83,716 40,430
2009:Q1 120,662 84,802 35,860
2009:Q2 118,083 84,211 33,871
2009:Q3 116,693 82,689 34,003
2009:Q4 114,879 81,771 33,107
2010:Q1 113,456 80,244 33,212
2010:Q2 113,437 79,537 33,900
2010:Q3 110,789 78,125 32,664
2010:Q4 106,836 75,699 31,138
2011:Q1 103,135 73,497 29,638
2011:Q2 102,194 72,321 29,873
2011:Q3 101,527 70,587 30,941
2011:Q4 99,325 69,077 30,248
2012:Q1 98,194 67,727 30,468
2012:Q2 99,556 66,193 33,363
2012:Q3 100,135 65,523 34,612
2012:Q4 99,923 62,502 37,421
2013:Q1 101,197 61,322 39,875
2013:Q2 102,689 60,773 41,915
2013:Q3 102,288 59,989 42,298
2013:Q4 104,385 59,416 44,969
2014:Q1 106,761 58,923 47,838
2014:Q2 107,957 58,389 49,567
2014:Q3 108,853 57,923 50,930
2014:Q4 110,469 57,801 52,668
2015:Q1 113,139 57,513 55,626
2015:Q2 114,851 58,092 56,759
2015:Q3 116,193 58,532 57,661
2015:Q4 117,883 58,837 59,046
2016:Q1 120,524 58,034 62,490
2016:Q2 123,274 58,990 64,284
2016:Q3 125,925 59,809 66,116
2016:Q4 123,913 58,962 64,951
2017:Q1 126,544 58,995 67,550
2017:Q2 128,751 59,550 69,202
2017:Q3 130,085 60,230 69,854
2017:Q4 131,592 60,462 71,130
2018:Q1 134,227 60,337 73,889
2018:Q2 135,771 60,616 75,155
2018:Q3 136,055 61,466 74,589
2018:Q4 135,952 61,488 74,464

Note: Wealth values are reported in 2018 dollars using the personal consumption expenditures prices.

Source: Federal Reserve Board, Distributional Financial Accounts; Bureau of Economic Analysis; calculations by Board staff.

Figure 10. Average wealth by education, across all households, 1989-2018

2018 dollars

Period College Non-college
1989:Q3 817,561 252,268
1989:Q4 833,374 247,462
1990:Q1 836,538 237,016
1990:Q2 841,618 230,876
1990:Q3 798,903 229,812
1990:Q4 785,472 233,199
1991:Q1 809,412 230,982
1991:Q2 793,043 230,731
1991:Q3 776,185 236,188
1991:Q4 788,432 238,754
1992:Q1 777,353 238,952
1992:Q2 754,267 244,106
1992:Q3 748,124 249,534
1992:Q4 777,607 247,341
1993:Q1 780,301 249,834
1993:Q2 777,479 252,914
1993:Q3 777,734 259,051
1993:Q4 796,906 258,528
1994:Q1 811,993 254,883
1994:Q2 810,025 256,713
1994:Q3 823,686 255,648
1994:Q4 828,713 255,935
1995:Q1 833,407 262,810
1995:Q2 835,851 269,195
1995:Q3 846,978 274,571
1995:Q4 856,854 281,172
1996:Q1 864,542 284,969
1996:Q2 871,274 284,560
1996:Q3 876,412 283,159
1996:Q4 904,206 281,636
1997:Q1 900,620 281,304
1997:Q2 950,047 284,902
1997:Q3 991,576 285,049
1997:Q4 992,836 287,251
1998:Q1 1,056,941 291,373
1998:Q2 1,081,687 288,935
1998:Q3 1,018,873 292,400
1998:Q4 1,092,236 299,402
1999:Q1 1,095,456 300,327
1999:Q2 1,139,908 295,297
1999:Q3 1,109,244 296,095
1999:Q4 1,205,125 301,108
2000:Q1 1,251,238 297,431
2000:Q2 1,224,518 294,550
2000:Q3 1,243,935 290,258
2000:Q4 1,204,739 286,775
2001:Q1 1,150,286 289,314
2001:Q2 1,181,859 289,793
2001:Q3 1,124,275 288,387
2001:Q4 1,158,653 295,260
2002:Q1 1,168,984 293,300
2002:Q2 1,131,029 286,321
2002:Q3 1,063,884 285,631
2002:Q4 1,087,817 286,294
2003:Q1 1,065,706 286,623
2003:Q2 1,106,988 293,978
2003:Q3 1,112,084 297,772
2003:Q4 1,157,553 304,841
2004:Q1 1,195,658 314,194
2004:Q2 1,205,166 313,127
2004:Q3 1,215,046 318,515
2004:Q4 1,280,355 318,531
2005:Q1 1,302,937 317,127
2005:Q2 1,337,916 319,686
2005:Q3 1,370,969 320,218
2005:Q4 1,403,451 322,399
2006:Q1 1,462,252 324,839
2006:Q2 1,440,181 321,639
2006:Q3 1,445,463 321,844
2006:Q4 1,488,769 325,485
2007:Q1 1,498,486 326,644
2007:Q2 1,490,744 323,813
2007:Q3 1,484,061 322,822
2007:Q4 1,445,316 314,166
2008:Q1 1,381,241 302,329
2008:Q2 1,338,275 287,942
2008:Q3 1,263,738 273,937
2008:Q4 1,197,704 263,906
2009:Q1 1,164,892 262,242
2009:Q2 1,190,783 262,975
2009:Q3 1,232,125 264,852
2009:Q4 1,234,343 263,118
2010:Q1 1,260,949 260,810
2010:Q2 1,228,959 259,989
2010:Q3 1,265,136 263,361
2010:Q4 1,290,985 267,020
2011:Q1 1,301,215 266,211
2011:Q2 1,298,502 263,352
2011:Q3 1,233,000 262,388
2011:Q4 1,250,360 268,051
2012:Q1 1,283,349 270,551
2012:Q2 1,270,317 273,526
2012:Q3 1,300,050 279,079
2012:Q4 1,304,597 282,777
2013:Q1 1,348,183 290,898
2013:Q2 1,353,611 296,488
2013:Q3 1,380,989 305,273
2013:Q4 1,419,946 308,591
2014:Q1 1,432,588 310,812
2014:Q2 1,449,457 311,080
2014:Q3 1,440,382 310,893
2014:Q4 1,473,076 314,612
2015:Q1 1,505,739 318,799
2015:Q2 1,497,260 314,634
2015:Q3 1,457,405 313,207
2015:Q4 1,484,049 315,521
2016:Q1 1,494,255 316,046
2016:Q2 1,496,681 317,030
2016:Q3 1,522,209 319,177
2016:Q4 1,501,577 331,985
2017:Q1 1,523,199 335,977
2017:Q2 1,534,040 340,321
2017:Q3 1,549,764 345,718
2017:Q4 1,574,846 348,071
2018:Q1 1,568,851 350,206
2018:Q2 1,572,509 355,879
2018:Q3 1,604,472 350,186
2018:Q4 1,510,686 347,772

Note: Wealth values are reported in 2018 dollars using personal consumption expenditures prices.

Source: Federal Reserve Board, Distributional Financial Accounts; Bureau of Economic Analysis; calculations by Board staff.

Figure 11. Total student loans outstanding, 2006-2018

2018 billion dollars

Period Student loans
2006:Q1 589.1
2006:Q2 591.9
2006:Q3 616.0
2006:Q4 630.1
2007:Q1 652.4
2007:Q2 652.3
2007:Q3 681.8
2007:Q4 689.3
2008:Q1 718.2
2008:Q2 719.3
2008:Q3 750.5
2008:Q4 779.6
2009:Q1 820.6
2009:Q2 822.9
2009:Q3 856.4
2009:Q4 878.5
2010:Q1 907.7
2010:Q2 919.3
2010:Q3 956.8
2010:Q4 962.0
2011:Q1 999.8
2011:Q2 999.2
2011:Q3 1,033.0
2011:Q4 1,050.8
2012:Q1 1,081.1
2012:Q2 1,097.0
2012:Q3 1,126.0
2012:Q4 1,134.3
2013:Q1 1,170.4
2013:Q2 1,177.7
2013:Q3 1,209.8
2013:Q4 1,217.0
2014:Q1 1,249.9
2014:Q2 1,252.6
2014:Q3 1,286.5
2014:Q4 1,298.2
2015:Q1 1,342.1
2015:Q2 1,342.2
2015:Q3 1,372.7
2015:Q4 1,382.2
2016:Q1 1,421.1
2016:Q2 1,420.3
2016:Q3 1,448.6
2016:Q4 1,451.4
2017:Q1 1,480.2
2017:Q2 1,482.4
2017:Q3 1,509.0
2017:Q4 1,508.7
2018:Q1 1,534.1
2018:Q2 1,532.9
2018:Q3 1,555.5
2018:Q4 1,560.1

Note: Loan values are not seasonally adjusted and are reported in 2018 dollars using personal consumption expenditures prices.

Source: Federal Reserve Board, Student Loans Owned and Securitized, Outstanding, retrieved from FRED, Federal Reserve Bank of St. Louis; Bureau of Economic Analysis; calculations by Board staff.

Figure 12. Average corporate equities and mutual fund shares—and noncorporate business assets—of middle-income households, 1989-2018

2018 dollars

Period Corporate equities & mutual funds Noncorporate businesses
1989:Q3 14,708 24,603
1989:Q4 15,627 25,853
1990:Q1 16,866 25,964
1990:Q2 17,634 27,447
1990:Q3 19,126 27,636
1990:Q4 18,373 27,404
1991:Q1 18,514 27,673
1991:Q2 19,080 27,442
1991:Q3 19,024 27,072
1991:Q4 18,814 27,130
1992:Q1 19,377 26,681
1992:Q2 19,853 26,058
1992:Q3 20,203 25,157
1992:Q4 20,200 25,166
1993:Q1 20,840 25,619
1993:Q2 21,572 25,698
1993:Q3 22,233 25,842
1993:Q4 22,899 26,146
1994:Q1 24,161 25,861
1994:Q2 25,370 25,287
1994:Q3 26,486 24,787
1994:Q4 27,996 23,605
1995:Q1 28,669 22,411
1995:Q2 29,280 21,137
1995:Q3 29,946 19,901
1995:Q4 29,244 20,818
1996:Q1 29,081 21,500
1996:Q2 29,040 22,090
1996:Q3 29,342 22,030
1996:Q4 29,309 22,656
1997:Q1 29,728 21,627
1997:Q2 29,389 21,516
1997:Q3 29,438 22,306
1997:Q4 29,960 21,512
1998:Q1 29,899 22,569
1998:Q2 30,414 25,944
1998:Q3 31,860 24,400
1998:Q4 31,957 21,926
1999:Q1 32,900 19,199
1999:Q2 33,310 19,642
1999:Q3 34,379 16,002
1999:Q4 34,345 14,958
2000:Q1 34,717 15,063
2000:Q2 35,976 14,936
2000:Q3 36,858 16,809
2000:Q4 37,869 19,127
2001:Q1 38,009 17,926
2001:Q2 38,791 20,241
2001:Q3 37,823 18,392
2001:Q4 39,146 19,201
2002:Q1 39,319 22,224
2002:Q2 38,651 25,217
2002:Q3 37,353 25,176
2002:Q4 38,014 26,374
2003:Q1 37,734 25,672
2003:Q2 38,827 26,456
2003:Q3 39,003 25,926
2003:Q4 39,205 26,762
2004:Q1 39,043 27,880
2004:Q2 38,976 30,050
2004:Q3 39,009 30,848
2004:Q4 39,045 30,688
2005:Q1 39,478 30,148
2005:Q2 39,798 29,813
2005:Q3 39,723 29,759
2005:Q4 40,024 29,590
2006:Q1 39,520 30,037
2006:Q2 40,233 29,473
2006:Q3 40,459 29,083
2006:Q4 40,525 29,952
2007:Q1 40,489 29,505
2007:Q2 40,597 29,854
2007:Q3 41,402 31,490
2007:Q4 40,802 31,327
2008:Q1 40,466 29,446
2008:Q2 39,434 28,552
2008:Q3 39,183 29,751
2008:Q4 40,287 29,331
2009:Q1 40,139 26,834
2009:Q2 38,328 23,864
2009:Q3 36,637 22,126
2009:Q4 35,624 21,070
2010:Q1 34,758 21,811
2010:Q2 34,689 21,236
2010:Q3 33,632 20,340
2010:Q4 33,407 20,031
2011:Q1 33,235 20,136
2011:Q2 33,434 21,805
2011:Q3 34,850 20,928
2011:Q4 34,930 20,015
2012:Q1 34,496 20,567
2012:Q2 35,311 20,180
2012:Q3 35,395 20,865
2012:Q4 35,783 19,864
2013:Q1 35,345 19,816
2013:Q2 35,892 19,731
2013:Q3 35,831 18,774
2013:Q4 34,959 18,866
2014:Q1 34,430 17,931
2014:Q2 33,798 17,860
2014:Q3 33,949 17,416
2014:Q4 33,715 17,755
2015:Q1 33,640 18,191
2015:Q2 33,507 19,390
2015:Q3 33,987 18,329
2015:Q4 33,631 18,075
2016:Q1 33,454 17,396
2016:Q2 32,925 16,574
2016:Q3 32,324 15,902
2016:Q4 35,576 19,153
2017:Q1 35,025 18,685
2017:Q2 34,773 18,332
2017:Q3 34,332 17,285
2017:Q4 33,669 17,980
2018:Q1 33,630 17,353
2018:Q2 33,385 16,135
2018:Q3 32,820 19,698
2018:Q4 34,523 17,004

Note: Wealth values are reported in 2018 dollars using personal consumption expenditures prices.

Source: Federal Reserve Board, Distributional Financial Accounts; Bureau of Economic Analysis; calculations by Board staff.

Figure 13. Change in average wealth of middle-income households since 2007 and the national unemployment rate

Period Unemployment rate
(Percent)		 Middle-income average wealth relative to 2007
(2007:Q1 = 100)
2007:Q1 4.5 100
2007:Q2 4.5 98
2007:Q3 4.7 98
2007:Q4 4.8 94
2008:Q1 5.0 90
2008:Q2 5.3 87
2008:Q3 6.0 87
2008:Q4 6.9 86
2009:Q1 8.3 86
2009:Q2 9.3 84
2009:Q3 9.6 86
2009:Q4 9.9 83
2010:Q1 9.8 83
2010:Q2 9.6 83
2010:Q3 9.5 84
2010:Q4 9.5 82
2011:Q1 9.0 82
2011:Q2 9.1 81
2011:Q3 9.0 84
2011:Q4 8.6 83
2012:Q1 8.3 82
2012:Q2 8.2 84
2012:Q3 8.0 84
2012:Q4 7.8 85
2013:Q1 7.7 85
2013:Q2 7.5 86
2013:Q3 7.2 87
2013:Q4 6.9 87
2014:Q1 6.7 87
2014:Q2 6.2 87
2014:Q3 6.1 88
2014:Q4 5.7 89
2015:Q1 5.5 90
2015:Q2 5.4 90
2015:Q3 5.1 91
2015:Q4 5.0 92
2016:Q1 4.9 93
2016:Q2 4.9 93
2016:Q3 4.9 94
2016:Q4 4.8 95
2017:Q1 4.6 95
2017:Q2 4.4 96
2017:Q3 4.3 96
2017:Q4 4.1 96
2018:Q1 4.1 97
2018:Q2 3.9 98
2018:Q3 3.8 98
2018:Q4 3.8 98

Note: Wealth values are reported in 2018 dollars using personal consumption expenditures prices.

Source: Federal Reserve Board, Distributional Financial Accounts; Bureau of Economic Analysis; Bureau of Labor Statistics, Civilian Unemployment Rate, retrieved from FRED, Federal Reserve Bank of St. Louis; calculations by Board staff.

Distributional Financial Accounts (DFA)

https://www.federalreserve.gov/releases/efa/efa-distributional-financial-accounts.htm

Survey of Household Economics and Decisionmaking (SHED)

https://www.federalreserve.gov/consumerscommunities/shed.htm

Survey of Consumer Finances (SCF)

https://www.federalreserve.gov/econres/scfindex.htm

Last Update: May 10, 2019