In a stable economy, national wealth and gross domestic product (GDP) are generally expected to rise and fall together closely, resulting in a wealth-to-GDP ratio that remains relatively constant. The U.S. wealth-to-GDP ratio, however, rose rapidly over the last decade. What could account for this increase? St. Louis Fed Research Officer YiLi Chien and Research Associate Ashley Stewart examined this question in an October 2022 Economic Synopses essay documenting recent changes in U.S. national wealth and their implications for the economy. Chien and Stewart observed that U.S. national wealth rose from $69 trillion to ... (full story)