US household wealth climbs to 1-year high in first quarter

U.S. household wealth climbed to the highest in a year in the first three months of 2023, led by the stock market's recovery from last year's bear market, data from the Federal Reserve on Thursday showed.

Household net worth rose by more than $3 trillion in the first quarter to $148.8 trillion, with holdings of equities increasing by about $2.4 trillion. Real estate values declined by about $600 billion, the Fed said.

Even with the rise, households are still down by more than $4 trillion from the record wealth level of $152.6 trillion recorded in the first quarter of 2022. (Reporting By Dan Burns Editing by Marguerita Choy)