Posted 7/22/2013 12:00 am
Average household wealth in the U.S. dropped 15 percent between 2007 and 2010, according to the Federal Reserve Bank of St. Louis. Median household wealth declined 39 percent.
The figures are featured in the bank’s 2012 annual report, “After the Fall: Rebuilding Family Balance Sheets, Rebuilding the Economy,” published in May. The report contains new research “regarding the damage to household balance sheets resulting from the Great Recession of 2007-2009.”
Those who lost the greatest net worth in the recession were younger families, the less educated and “members of a historically disadvantaged minority group,” such as African-Americans or Hispanics, the Fed says.
The report can be found at StLouisFed.org/publications/ar/2012.