The University of Michigan Survey of Consumer Sentiment shows that a record-high 30% of the population has stocks worth more than $500,000, and 37% own a home worth more than $500,000, see charts below.
It is remarkable that these wealth gains for the household sector have taken place while the Fed was raising interest rates.
The bottom line is that the tailwind to consumer spending for homeowners and equity owners is significant, in particular when combined with record-high cash flows from fixed income.
Source: University of Michigan, Haver Analytics, Apollo Chief EconomistSource: University of Michigan, Haver Analytics, Apollo Chief Economist
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