Household Wealth Hits A Record $107 Trillion… There Is Just One Catch

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Zero Hedge: In the Fed’s latest Flow of Funds report released at noon today, the Fed released the latest snapshot of the US “household” sector as of June 30, 2018.

And while it would be great news if wealth across all of America had indeed risen as much as the chart above shows, the reality is that there is a big catch: virtually all of the net worth, and associated increase thereof, has only benefited a handful of the wealthiest Americans.

As the following chart from Deutsche Bank shows, the wealth inequality in the US is now as bad as it just during the Great Depression, with the top 0.1% of the US population owning as many assets as the bottom 90%.

Opinion: There is another catch:

The total average of debt combined US households (including those who have no debt at all) is $139.5 thousand per household, and the Census Bureau reports that the median household income was just $59,039.

Ten years after one of the worst recessions in history we seem to have learned nothing. The wealthiest and wisest man who ever lived warned against debt:

“The rich rules over the poor,
And the borrower is servant to the lender.” Proverbs 22:7

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