Business Net Worth - Historical Chart
Nonfinancial Business; Proprietors' Equity in Noncorporate Business (Net Worth). Gray shaded areas indicate U.S. recessions.
Source: Federal Reserve Bank of St. Louis (FRED), Series BOGZ1FL144104005Q. Shaded areas = NBER recession dates. Updated 2026-03-10.
What the Q3 2025 Data Shows
At $22,005.43T, the business net worth in Q3 2025 is above the 10-year average of $18,091.87T by 3913566.00. The trend is upward, with increases in 3 of the last 4 quarters.
Nonfinancial business net worth (FRED series BOGZ1FL144104005Q) measures the aggregate equity value of U.S. nonfinancial businesses by subtracting total liabilities from total assets. The assets include real estate, equipment, inventory, financial assets, and intellectual property. The liabilities include all debt, accounts payable, and other obligations.
Net worth has generally trended upward over time as asset values (particularly real estate and intellectual property) have grown. However, the ratio of debt to net worth has also increased, meaning businesses are using more leverage to finance their asset base.
Quarterly data from the Federal Reserve's Z.1 Financial Accounts, reported in billions of dollars.
What This Metric Measures
This page tracks the net worth (total assets minus total liabilities) of U.S. nonfinancial businesses, from the Federal Reserve's Financial Accounts (Z.1 release). The data comes from the Federal Reserve Bank of St. Louis FRED database, series BOGZ1FL144104005Q, updated quarterly.
Historical Context
The all-time peak was $22,005.43T in Q3 2025. The all-time trough was $55.94T in Q4 1945. During COVID-19 in 2020, the reading hit $18,456.52T (Q4 2020). Year-over-year, the metric has moved 2.2%.
Why It Matters
Business net worth is the system's solvency buffer. When net worth is high, businesses can absorb losses, cover debt payments during revenue declines, and borrow additional capital using equity as collateral. When net worth declines, the entire corporate sector becomes more fragile and banks become more reluctant to lend. For individual business owners, aggregate net worth trends indicate whether the business environment is getting more or less resilient to shocks.
What This Means for Business Owners
Understanding where this metric stands relative to historical norms helps business owners make better borrowing decisions. Metrics far from their 10-year average often signal turning points that affect the cost and availability of credit.
Nonfinancial Business Net Worth - Frequently Asked Questions
Aggregate nonfinancial business net worth is approximately $22005434.00 trillion as of Q3 2025, per FRED series BOGZ1FL144104005Q. This is total assets minus total liabilities across all non-bank businesses.
In nominal terms, business net worth has generally grown over time. However, growth has been uneven: asset prices (especially real estate) drove much of the increase, while debt also grew. The ratio of debt to net worth reveals whether leverage is increasing.
Asset price declines (falling real estate values, stock market drops, inventory writedowns) reduce net worth. Increasing debt without offsetting asset growth also reduces net worth. Both happened simultaneously during the 2008 financial crisis.
Net worth is the collateral base for borrowing. Banks lend against assets and require equity cushions. When aggregate net worth is high, businesses have more capacity to borrow. When it declines, banks tighten because the collateral backing existing loans has shrunk.
This series covers all nonfinancial businesses, including both corporate and noncorporate entities. Small businesses are included to the extent they report to the IRS, which forms the basis for the Z.1 data.
FRED series BOGZ1FL144104005Q from the Federal Reserve's Financial Accounts of the United States (Z.1 release). Quarterly, in billions of dollars. Published with a roughly 3-month lag.