As the stock market fell early this year, Americans' wealth took a big hit.

According to data released by the Federal Reserve Bank on Thursday, the net worth of households and non-profits went down by $0.5 trillion in the first quarter to $149.3 trillion.

That's a big change from the strong increase in wealth that started around mid-2020 and was driven by the skyrocketing prices of homes and stocks.

The drop in the first quarter is due to the stock market crash earlier this year, which cut the value of directly and indirectly held corporate equities by $3 trillion.

In the first quarter, the total value of these holdings was $46.3 trillion, making it one of the most valuable things that households own.

In the first three months, both the Dow and the S&P 500 fell by almost 5%, while the Nasdaq fell by almost 9%.

It was the worst quarter for the markets since the first quarter of 2020, when the Covid-19 pandemic shook up the US economy.

In 2019, the ratio of household net worth to disposable income stayed close to a record high and was still much higher than it was before the pandemic.

The Fed said that this was due to strong growth in both home mortgages and consumer credit. Household debt grew at an annual rate of 8.3%.

Mortgage debt rose 8.6% due to rising home prices. Consumer credit rose 8.7% as Americans borrowed more on credit cards and vehicle loans.

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