BREAKING: US household net worth surged +$2.2 trillion in Q4 2025, to a record $184.1 trillion. This was primarily driven by equity holdings that jumped +$1.6 trillion as the S&P 500 closed the year near an all-time high. This was somewhat offset by the value of real estate holdings that fell -$347 billion. Since Q1 2020, household net worth has risen +$74 trillion, or +67%. As a percentage of GDP, household net worth is up to 586%, just below the all-time high of ~620% set in 2021. As a percentage of disposable personal income, the ratio is up to 794%, the 4th-highest quarterly reading on record. Asset owners are winning more than ever.(The Kobeissi Letter)