American households lucky enough to own stocks and real estate enjoyed a record windfall in Q2, data released by the Fed on Friday showed.

Specifically, household net worth rose by almost $13 trillion in the three months ended June 30.

The vast majority of the increase was attributable to an estimated $10.7 trillion gain in the value of corporate equity.

There’s the updated chart, and my goodness: It’s somethin’ to behold, ain’t it?

Since the March 2020 pandemic lows on Wall Street, the value of corporate equities held directly and indirectly by the household sector’s up $48.93 trillion.

Recall that the Iran war dip was shallow (not even 10% on the S&P) and short-lived.

As the figure shows, the benchmark of all benchmarks managed nearly two-dozen new records since the late-March 2026 lows.

Friday’s Fed update showed property values chipped in $1.13 trillion to the overall Q2 gain, the most in a year. These are nominal figures, obviously.

If you’re curious as to how the US consumer managed to weather the storm as gas prices soared and sentiment surveys printed new all-time lows this spring and summer, the answer’s stocks. I hope you own some. “They are so choice,” as Ferris might put it. “If you have the means, I highly recommend picking some up.”

Let this serve as a(nother) reminder: The US equity market’s way too big to fail.