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The study took place between June and July with over 3 thousand Americans aged over 30, and the income of 1.5 thousand participants ranged from $ 500 thousand to 3 million. Only 12% of those surveyed think of themselves as affluent.
Wealthy Americans continue to grow wealthier as per the Federal Reserve, with the top 1% owning assets valued over $11 million seeing a nearly $2 trillion increase in the past year, reaching a total of $46.2 trillion by the first quarter of 2024.
Nevertheless, starting from 2020, when the COVID-19 pandemic resulted in a rise in home prices, the majority of the growth in wealth can be attributed to homeowners.
Jean Chatzky, a personal finance expert and CEO of HerMoney.com, stated that owning a home doesn't give the feeling of being wealthy: “A home is a resource that gets utilized daily. The balance in your retirement or savings account is not equivalent.”
Furthermore, nearly all products and services have showed an increase in cost over an extended period of high inflation, leading to a greater reliance on credit cards by many Americans for their daily spending.
source: cnn.com
Wealthy Americans continue to grow wealthier as per the Federal Reserve, with the top 1% owning assets valued over $11 million seeing a nearly $2 trillion increase in the past year, reaching a total of $46.2 trillion by the first quarter of 2024.
Nevertheless, starting from 2020, when the COVID-19 pandemic resulted in a rise in home prices, the majority of the growth in wealth can be attributed to homeowners.
Jean Chatzky, a personal finance expert and CEO of HerMoney.com, stated that owning a home doesn't give the feeling of being wealthy: “A home is a resource that gets utilized daily. The balance in your retirement or savings account is not equivalent.”
Furthermore, nearly all products and services have showed an increase in cost over an extended period of high inflation, leading to a greater reliance on credit cards by many Americans for their daily spending.
source: cnn.com
