$62.7 Trillion In Net Worth: Here Is The Latest US Household Balance Sheet

Tyler Durden's picture

Moments ago, the Fed released its latest Z.1, aka the Flow of Funds, which is the primary source of information of that one component of modern finance which all modern economists continue resolutely to ignore because it blows all their anachronistic theories on monetary theory out of the water: shadow banking data. But more on that later. for now, here is the graphic summary of that most important of conventional data points updated every quarter: the US household balance sheet, and specifically the net worth of the US consumer, which in Q2 declined from a 4 year high of $63 trillion to $62.7 trillion, on a $900 billion drop in financial assets, offset by a $400 billion hike in real estate assets. Most importantly, and the reason why to the CTRL-P operator the only thing that matters is the stock market, of a total of $76.1 trillion in assets, only $24.2 trillion are tangible: i.e., real estate and durable goods. The remainder, $51.9 trillion or 68.2% of total, is Financial assets. It is this number that is the sole target of Bernanke's "monetary policy" and which must be inflated at any and all cost.

What would be most interesting is to get the granular detail of how much of these $76.1 trillion in total assets are owned by the 1%, by the 0.001% and by the 0.000001%

Here is how this looked last quarter:

And how this number has changed over time:

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jcia's picture

If all men in the world had a big pair of boobs each night. There would be world PEACE.

BKbroiler's picture

I thnk those count in the "tangible assets" category.

Peachfuzz's picture

What's that you say, an investment class of tangible assets subject to inflation w/ a huge tail-end risk? I'll take 2 pair por favor...

BaBaBouy's picture

$63 TRILL ... AND ... Where's All The GOLD Gone To ???????????

Taint Boil's picture
Take it all and there still isn't enough...... 100T - 62.7T = 37.3T to go!
krispkritter's picture

I'd put them in my 'fun-gible' category... 

And yes I'm referring to this again: 


NSFW:Not Safe For Wife

Darth Mul's picture

What about dogs that shoot bees out of their mouth when they bark>?



imbrbing's picture

some men don't like boobs

crusty curmudgeon's picture

There may be some males who don't but there are no Men who don't like boobs.

I giggle like a titmouse when I think of that word!

“Wealth is not his that has it, but his that enjoys it.” —Benjamin Franklin

JPM Hater001's picture

I'm not gay and even I found that offensive

Darth Mul's picture

I'm not even that offensive and I found that gay.

crusty curmudgeon's picture

Thank you!

“To believe in something, and not to live it, is dishonest.” Mahatma Gandhi

krispkritter's picture

You're right, we hate you...we might like you more if you changed your name to 'Imbibing'.../jk

camaro68ss's picture

you must be one of those gays like the bernake

imbrbing's picture

fortunatly I myself like them, i even like fiat boobs, but like I said, some men don't like them, just saying.

A Lunatic's picture

Some men are boobs........

solgundy's picture

"Some men are boobs........"

true, and they are all democrat , 45% of the democrat population think the economy is doing great.......boobs for sure

Strut's picture

Yet give him 2+ pair... and udder chaos.

JuliaS's picture

Most men in the US have man-boobs. When it comes to world peace, they do nothing.

crusty curmudgeon's picture

You can't compare "man boobs" to boobs...that's just wrong.  That's like comparing FRNs to gold.  Only the real thing will help you sleep better.

The fact is that the average man's love of liberty is nine-tenths imaginary, exactly like his love of sense, justice and truth. He is not actually happy when free; he is uncomfortable, a bit alarmed, and intolerably lonely. Liberty is not a thing for the great masses of men. It is the exclusive possession of a small and disreputable minority, like knowledge, courage and honor. It takes a special sort of man to understand and enjoy liberty¾and he is usually an outlaw in democratic societies.”  H.L. Mencken, Baltimore Evening Sun (12 February 1923)

californiagirl's picture

It's all that estrogen-generating soy that they eat in processed foods, not to mention the dioxins and other chemicals.




slaughterer's picture

Love you guys at Zh for delving into the Z1s we are too drunk and disorderly to do.   keep it up and in the loose divas scouring for Tyler.   You guys have a major fan (ie fuck) club brewing at our HF front office.  

slaughterer's picture

Previous titty-posters need to learn how to appreciate the finesse-filled profile of a firm, perky B-cup.   Think Mary-Luise Parker at 30 or Romy Schneider at 25.  

camaro68ss's picture

5'6" 112 lbs, full perky B-cup = boner (  .  Y  .  )

kekekekekekeke's picture

that's really thin or skinny-fat no muscle

Turin Turambar's picture

Too many boobs in politics and the Fed as it is.  That's why we're in the mess we're in.  ;-)

WhiteNight123129's picture

Those financial assets will be converted into circulation. The Fed has just let down the Equity market by announcing QE3. Since it is a QE that will last until the unemployment goes down, where is teh excitement about the next QE?

imbrbing's picture

How many of those "assets" are nothing but fiat

Urban Redneck's picture

How many of those financial assets are are "owned" because of leverage built upon underlying assets which are not marked-to-market, and what happens to their nominal value when the market comes knocking and reality returns? (trick question)

ParkAveFlasher's picture

+100 Price this sheet in gold, Tyler!

kralizec's picture

I'll go out on a limb and predict more assets are about to be seized upon.

crusty curmudgeon's picture

Where are we going and what's with this handbasket?

“A people may be deceived, they may be betrayed by men in whom they put their confidence.  But they deserve to be abandoned by providence if they trust their interest with men whom they know to be either weak or wicked.”  Andrew Elliot

cougar_w's picture

Can these numbers be trusted? In particular, "Real Estate" is dubious.

That "Pension Funds" category looks ripe for the taking, doesn't it? They'll still consider it a household asset even after they rehypothecate the entire thing into Treasuries for us.

kralizec's picture

Pensions kinda stuck out to me too.  Low-hanging fruit.

crusty curmudgeon's picture

You really do have to marvel at the genius of it.  Let people voluntarily put their money in IRAs for tax benefits--they won't move it out for fear of more taxes.  Then you stage a big crash and generously offer to replace those paltry remains with pure, bonafide government shares (that don't exist) at the pre-crash level.  After enough people do it, you make it less voluntary.  Hey, that'll let them kick the can a lot further down the road!

“If you want Big Brother, you get all that comes with it.”  Erich Fromm

Enceladus's picture

BBC on autopension. Their going to get them coming and going! They will force investment (for your and societies benifit) and most likely suggest what u would like to invest in.


Dr Benway's picture

Real Estate should not even be considered a tangible asset, since in most cases it is a leveraged bet on rising prices. Property has been financialized and should be considered mostly a financial asset, with a beard physical shell which the ponzi financial asset is ostensibly tied to.

ptoemmes's picture

Front page today:


"South Florida's median household income tumbled more than 14 percent in five years, although the decline appears to be slowing, according to data released by the U.S. Census Bureau on Thursday."

But the decline rate is slowing...we're saved.

Juxtaposed with:


"After six years of homebuyers calling the shots, a seller's market is emerging as prices and sales continue to rise across South Florida."

Wonder who is buying ...supposedly a lot of cash deals. I figure the group from the first link might be selling to buy essentials....

WhiteNight123129's picture

People buying are stockbrokers and other rich people feeling trapped with financial assets (which have been so kind to them for so many years, to them farming and PMs is barbaric -- check munger---) and to which real estate sounds ~hard~, they can not buy Gold (some of them  are outright barred from doing it -- Corporations--, only the little guy and some hedge funds are allowed) most of them are enamored with financial assets, so real estate is the hardest of the finanical assets for them so they buy it. Real Estate is a financial asset, you can check how price behave when you have to pay 100% cash no mortgage financing like Brazil in 2002 or US in the late 70s. To hte paper lovers that is the ~hard assets~, in desperation they will 5 iPads, spend their cash and will come to Gold last. WHen the stock brokers buy, sell! Buy the assets related to circulation increase, food plantations.

Dr. No's picture

Most of these are contingent upon governement approval for the owner to liquidate.

tawdzilla's picture



$62.7T Private sector net worth

- $16T US debt 

- $100+T Unfunded liabilities

= negative $53.3 T  

krispkritter's picture

And asked on Letterman what the US Debt was, Obama couldn't answer.  A commenter said 'That's because he can't count past FORE!' ...

resurger's picture

Thsi graph is wrong!

AAPL can't be in other assets

californiagirl's picture

I am pretty sure that AAPL is in Corporate Equities, Mutual Funds, Pension Funds and Other Assets.  Everyone owns a piece.

Jim in MN's picture



What would be most interesting is to get the granular detail of how much of these $76.1 trillion in total assets are owned by the 1%, by the 0.001% and by the 0.000001%

Otherwise the implication is that the average US household has over a half million in net worth (roughly 100 million households). 

Counting mortgages, most people I know have net worth of minus a bunch, maybe net zero if they're lucky and/or old. 

You are "supposed to" have net worth of at least $1 million to have a decent retirement.  Like stocks are "supposed to" yield 8-10% per year.

Give us MIDDLE CLASS household net worth and we can have a conversation about where these things are headed.





Enceladus's picture

Good points

I'd also like some more info on Pensions

are these the actual assets(i.e. funded portion of pensions) or is the number the implied pension benifit (most under funded) 

SoundMoney45's picture

The average value is the wrong statistic. The median value is much more appropriate.