The net worth of US households rose to a record high in the first quarter of this year, driven by further increases in share prices and house prices.

According to a report released by the Federal Reserve on Thursday, household net worth rose by $5,000bn, or 3.8 per cent, to $136.9 trillion in the first quarter. Of this total, the value of shares held by families increased by $3.2 trillion, and the value of real estate increased by more than $968 billion.

The trillions of dollars of stimulus in 2020 and the larger-than-expected fiscal stimulus package signed in mid-March are adding momentum to the stock market. In addition, the Fed has kept interest rates near zero. This led to record low mortgage rates and boosted demand for homes. The median selling price of second-hand homes is at a record high.