During the COVID-19 crisis, households built up an extra $38.5 trillion in wealth between early 2020 and end of last year. Their collective net worth rose to a record $142 trillion, according to Federal Reserve estimates. However since the start of 2022 at least $5 trillion has been wiped out and that amount could rise to $9 trillion by the end of the year according to JPMorgan Chase & Co. estimates.

So far it has hit the richest Americans hardest, but rising interest rates are now beginning to focus the effects farther down the wealth-ladder among middle and working-class Americans.

In addition to inflationary pressures, the S&P 500 Index is down 18%, the Nasdaq 100 has lost 27% and a Bloomberg index of cryptocurrencies has plunged 48%.However experts predict it will take time before these factors are processed by consumers and have their full effects on the economy.