BREAKING: US household net worth jumped +$6.1 trillion in Q3 2025, to a record $181.6 trillion. This was almost entirely driven by equity holdings that soared +$5.5 trillion as the stock market hit a record high. At the same time, the value of real estate holdings fell -$287 billion, reflecting a weaker housing market. Since Q1 2020, household net worth has risen +$72 trillion, or +65%. As a result, it now reflects 792% of disposable personal income, the 4th-largest quarterly reading on record. By comparison, the ratio’s peak was 829% in Q1 2022. Asset owners are winning more than ever before.(The Kobeissi Letter)