Households Have Accrued Substantial Wealth Since 2019, Contrary To Popular Narratives: Goldman Sachs

Amid an economist-dubbed “vibecession,” a new report from Goldman Sachs painted a rosier-than-expected portrait of American household finances.

The Data: A post on X relayed data from Goldman’s report filed Monday.

Household balance sheets have become stronger for every net worth percentile group since 2019. They are also generally higher since the fourth quarter of 2022.

The wealthiest Americans saw the largest gains from 2019 to 2024. They also saw substantial net worth growth between the fourth quarter of 2022 and the first quarter of 2024. This can perhaps be attributed to the appreciation of financial assets since then.

In addition, real disposable income and real wages have grown in line with its long-term trend, per the report. For the poorest Americans, both disposable income and real wages are actually above the long-term trends.

Why it Matters: The findings bode well for President Joe Biden, who will likely make the case for his economic record at the first 2024 presidential debate on Thursday, June 27 against his Republican opponent, ex-President Donald Trump.

Some economists have expressed dumbfoundedness at how certain Americans perceive the economy as poor, despite substantial evidence indicating otherwise.

Ahead of the 2024 U.S. election, the state of the economy will assuredly be among voters’ top concerns.

Also Read: Trump Vs. Biden: New 2024 Election Poll Show Tie, But Here’s Who Independent Voters Favor