The net worth of U.S. households grew to almost $83 trillion during the last three months of 2014, the Federal Reserve said Thursday.
{mosads}The $1.5 trillion in new total wealth, a roughly 1.9 percent increase, reversed a slight decline from 2014’s third quarter, and marked the biggest increase in a year.
A booming stock market helped fuel the increase, with the value of portfolios increasing by roughly $742 billion. Healthier home values also helped, adding $356 billion in new wealth.
The added wealth could help boost consumer spending, which accounts for roughly two-thirds of the economy.