In the first three months of 2024, U.S. household wealth surged to a record high, exceeding $160 trillion. This increase, amounting to a 3.2% rise or $5.1 trillion, was primarily driven by the stock market's remarkable performance and gains in real estate, as per Federal Reserve data released on Friday.

Equity holdings played a significant role in this surge, contributing $3.8 trillion to the overall increase in household net worth. The S&P 500 Index saw substantial gains of 10.6% during the first quarter, including reinvested dividends, and reached yet another record high earlier in the week.

Real estate values also saw significant growth, adding $0.9 trillion to household wealth. Other assets, including cash and money market funds, contributed to the remainder of the increase.

Over the past decade, household net worth has nearly doubled, reflecting the remarkable growth and resilience of the U.S. economy.