The average wealth of American households declined for the first time since the pandemic, due to the stock market wipeout. The total wealth fell $500 billion, and is now $149.3 trillion. Stocks fell $3 trillion, while real estate rose $1.6 trillion. It reached a record $149.8 trillion at the end of last year, but fell in the first quarter of this year. The Fed said the fall was caused by a huge hit to the value of stocks. The last time the wealth declined was during the start of the pandemic, in 2020. Household bank accounts rose in the first quarter, and the checkable deposits and currency rose $209 billion to go to $4.29 trillion. The Fed has been keeping track of all this data since 1952.
