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U.S. household wealth has grown by $20 trillion since the fourth quarter of 2019, according to an analysis by ING’s chief international economist, James Knightley. From the equity market trough in March last year, wealth has increased $26 trillion thanks to massive support from both the federal government and the Federal Reserve.

Total assets at the end of 2019 stood at $134.3 trillion, then plummeted to $127.8 trillion at the end of March 2020. Total assets subsequently rebounded on the back of stimulus packages and relief payments: Despite the lockdowns brought on by the pandemic, the U.S. household balance sheet improved to $154.2 trillion in the first quarter of 2021, Knightley wrote, citing Federal Reserve Flow of Funds data.

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