US household real net worth through the Great Recession and beyond: Have we recovered?

•Household data show that the Fed assertion that net worth has recovered is incorrect.•Our study accounts for inflation/population growth and excludes non-profits.•Net worth recovery from 2009 lows reversed in 2011 but resumed improvement in 2012.•The youngest and lowest quartile both lost more and recovered more percentage-wise.•Financial asset recovery is stronger than non-financial.

Household data adjusted for inflation show that net worth is still below its pre-Great Recession levels, unlike aggregate Federal Reserve data. Poorer and younger households both lost and recovered more net worth percentage-wise. Financial assets have recovered more than non-financial assets.