The Federal Reserve’s 2022 consumer finance survey unveils a striking picture of American prosperity. The mean net worth of the average household has ascended to $1.06 million, up 23% from $868,000 in 2019. This statistic, while impressive, masks a more nuanced and unequal economic landscape. Despite American households’ seemingly thriving financial status, the reality is more complex, particularly for the middle class. Between 2019 and 2022, real median family income modestly grew by 3%, while real mean family income saw a more significant 15% increase. These gains were predominantly enjoyed …
