Household wealth in the U.S. continued to increase in the fourth quarter as financial assets and real-estate values 
appreciated, figures from the Federal Reserve’s financial accounts reports, previously known as the Flow of Funds, showed Thursday. Household real-estate assets climbed by $499.1 billion; owner’s equity as a share of total real-estate holdings increased to 57.8% from 57.1%.
State ranking of millionaires
New Jersey’s ratio of millionaires to households jumped higher, climbing to number three. But in general, 2016 saw few changes among the top 10 states ranked by the ratio of millionaire households to total households. The top 10 states are:
■ Maryland (7.55%) – remained #1, where it has been since 2011
■ Connecticut (7.4%) – remained #2, unchanged in 2016
■ New Jersey (7.39%) – moved up one place in 2016
■ Hawaii (7.35%) – declined one place in 2016
■ Alaska (7.15%) – unchanged from 2015
■ Massachusetts (6.98%) – unchanged from 2015
■ New Hampshire (6.82%) – unchanged from 2015
■ Virginia (6.64%) – unchanged from 2015
■ District of Columbia (6.32%) – up one place from 2015
■ Delaware (6.28%) – down one place in 2016
Household finances are the strongest they’ve been in years, helped by a surge in the stock market, including a 3.3% advance in the S&P 500 last quarter, and rising house prices. At the same time, household debt continued to grow at a pace similar to the prior quarter. The report showed companies had $2.08 trillion in liquid assets, which signals they have the means to spend more on capital equipment, raise dividends and boost stock buybacks.
Key Points
■ Net worth for households and non-profit groups rose by $2.04 trillion, or 2.3%, to a record $92.81 trillion from the prior three months
■ Value of financial assets, including stocks and pension-fund holdings, rose $1.59 trillion
DEBT
■ Household debt increased at a 3.8% annual rate last quarter after a 3.9% pace in the third quarter
■ Mortgage borrowing advanced at a 3.1% pace; other forms of consumer credit, including motor vehicle and student loans, climbed at a 6.2% rate
■ Total non-financial debt grew at a 2.9% annual pace after a 5.8%rate in the previous three-month period
■ Federal government obligations expanded 2.9%, state and local government debt rose at a 0.2% pace, while business borrowing increased 2.6%
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.