As the stock market fell early this year, Americans' wealth took a big hit
In the first quarter, the total net worth of households and nonprofits fell by $0.5 trillion to $149.3 trillion
That's a big change from the strong increase in wealth that started around mid-2020 and was driven by the skyrocketing prices of homes and stocks
The first-quarter loss reflects this year's stock market slump, which sliced $3 trillion from corporate equities
Both the Dow and the S&P 500 fell almost 5% in the first three months
It was the lowest quarterly performance since the Covid-19 epidemic in 2020.
Russia's invasion of Ukraine, skyrocketing oil prices, inflation, Fed rate hikes, and the Covid-19 outbreak have weighed on the market this year.
The Fed said a $1.7 trillion increase in real estate value and significant personal saving largely offset the decrease in equities
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