Americans saw wealth plummet 40 percent from 2007 to 2010, Federal Reserve says
Ylan Q. MuiThe recent recession wiped out nearly two decades of Americans’ wealth, according to government data released Monday, with middle-class families bearing the brunt of the decline.
The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.
The data represent one of the most detailed looks at how the economic downturn altered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. The promise of retirement built on the inevitable rise of the stock market proved illusory for most. Homeownership, once heralded as a pathway to wealth, became an albatross.
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" Americans saw wealth plummet 40 percent from 2007 to 2010, Federal Reserve says", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), décembre 2012. Consulté le 07/12/2023. URL: https://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/americans-saw-wealth-plummet-40-percent-from-2007-to-2010-federal-reserve-says