Board of Governors of the Federal Reserve System

Household Net Worth

The net worth of households and nonprofit organizations declined $0.4 trillion to $143.3 trillion in the third quarter. The value of stocks on the household balance sheet declined by $1.9 trillion, while the value of real estate increased by $0.7 trillion.

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Directly and indirectly held corporate equities ($36.7 trillion) and household real estate ($41.9 trillion) were among the largest components of household net worth. Household debt (seasonally adjusted) was $18.8 trillion.

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Household Balance Sheet Summary

For more data on household net worth, see table B.101

Nonfinancial debt

Household debt grew by 6.3% in the third quarter of 2022 (this and subsequent rates of growth are reported at a seasonally adjusted annual rate), a bit slower than in the previous quarter. Home mortgage debt expanded 6.6% while nonmortgage consumer credit increased by 7.0%.

Nonfinancial business debt growth stepped down to a 5.3% pace, reflecting subdued corporate bond issuance and robust growth in loans at depository institutions. Federal debt increased by 4.2%, while state and local debt contracted by 0.6%.

The ratio of nonfinancial debt to GDP edged down in the third quarter. The ratio has declined substantially since the third quarter of 2020, when the measure spiked amid a pandemic-induced drop in GDP and the expansion in federal debt related to the fiscal stimulus.

For more data on nonfinancial debt, see table D.1 (rates of growth) and table D.3 (outstanding).

Debt Growth by Sector

Debt Outstanding by Sector

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Looking at the various components of nonfinancial business debt, nonmortgage depository loans to nonfinancial business increased by $65 billion in the third quarter. Other types of loans, including mortgage loans and loans from nondepository institutions, also increased, while corporate bonds outstanding were little changed.

Overall, outstanding nonfinancial corporate debt was $12.8 trillion. Corporate bonds, at roughly $6.7 trillion, accounted for 53% of the total. Nonmortgage depository loans were about $1.5 trillion. Other types of debt include loans from nonbank institutions, loans from the federal government, and commercial paper.

The nonfinancial noncorporate business sector consists mostly of smaller businesses, which are typically not incorporated. Nonfinancial noncorporate business debt was $7.0 trillion, of which $5.0 trillion were mortgage loans and $1.6 trillion were nonmortgage depository loans.

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For more data on nonfinancial business balance sheets, including debt, see tables B.103 and B.104.

Coming soon

• The Distributional Financial Accounts, which provide a quarterly estimate of the distribution of U.S. household wealth, will be published on Friday, December 16. Other Enhanced Financial Accounts Projects (www.federalreserve.gov/releases/efa/enhanced-financial-accounts.htm) will also be updated on Friday, December 16.
• Financial Accounts data for the fourth quarter of 2022 will be published on Thursday, March 9, 2023, at 12:00 noon.

Chart Notes

1. Changes in net worth consist of transactions, revaluations, and other volume changes. Corporate equity and debt securities include directly and indirectly held securities. Real estate is the value of owner-occupied real estate. Other includes equity in noncorporate businesses, consumer durable goods, fixed assets of nonprofit organizations, and all other financial assets apart from corporate equities and debt securities, net of liabilities, as shown on table B.101 Balance Sheet of Households and Nonprofit Organizations.