【英文】国会预算办公室报告：美国1989年至2019年家庭财富分配趋势（52页）

To analyze changes in the composition of total family wealth, CBO separated family wealth into six mutually exclusive  categories—nonmortgage debt and fve types of assets. Te asset categories are home equity, nonretirement fnancial  assets, wealth from defned beneft retirement plans, wealth from defned contribution retirement plans, and other  assets. (Together, defned beneft wealth and defned contribution wealth constitute retirement assets. For detailed  defnitions of all six categories, see Appendix A.) Te total value of all fve asset categories increased from 1989 to 2019, but those gains were partially ofset by the  rise in nonmortgage debt. Te assets whose real value increased the most over the 30-year period were defned contribution wealth, which climbed by 599 percent (an average annual rate of 6.7 percent), and nonretirement fnancial  assets, which grew by 238 percent (an average annual rate of 4.1 percent). Meanwhile, nonmortgage debt increased by  173 percent (an average annual rate of 3.4 percent). (Tose rates are compound annual growth rates calculated using  the values for the frst and last year of the period.) Of all assets, home equity rose the least, increasing by 127 percent  over the 30-year period (an average annual rate of 2.8 percent). 

Driven by increasing home values, the total value of  home equity increased by 125 percent from 1989 to 2007, but it declined over the next three years as home prices fell  and the percentage of families that owned homes decreased during the 2007–2009 recession. Total home equity rose  once again as the housing market recovered, and by 2019, it had surpassed its prerecession peak. Te composition of total family wealth changed during the period. Measured as a percentage of total family wealth,  home equity and other assets declined slightly, whereas nonretirement fnancial assets and retirement wealth increased  slightly; nonmortgage debt remained roughly unchanged.  Although total defned beneft wealth increased throughout the 30-year period, defned beneft plans became less  common, so the share of total retirement assets attributable to defned beneft wealth declined. Defned contribution  wealth’s share of retirement wealth increased from less than one-third in 1989 to almost one-half by 2007, and it  continued to grow modestly thereafter. By 2019, defned contribution wealth accounted for slightly more than half of  retirement wealth.