The wealth of U.S. households climbed to a record $90.2 trillion in the third quarter, driven by a powerful buildup in both real estate and stocks.

Stockholdings—both directly and through retirement accounts like 401(k)s—climbed by $494 billion last quarter while real estate, which is primarily people's homes, rose in value by $554 billion, according to a Federal Reserve report released Thursday.

The report shows that U.S. households, in aggregate, had tremendous assets at their disposal, about $105 trillion against about $15 trillion of debt. That wealth has likely grown since the report was released because the stock market has rallied dramatically over the past month.

The data underscore one of the nation's central economic challenges. While the value of U.S. corporations and real estate has never been higher, many Americans remain profoundly frustrated by the direction of the U.S. economy.

The Fed's report provides no detail on the distribution of assets. But it is well known that gains in real estate have been especially concentrated in urban areas and the coasts, even as many parts of the country have yet to fully recover from the housing crisis that began last decade.

Those who don't own real estate have faced rapidly rising rents in many areas of the U.S.

Stock wealth is especially concentrated in retirement accounts and in the wealthiest households, so the gains may be largely inaccessible to those who lost good jobs or didn't have the accounts available.

Still, the report underscores how the economy President-elect Donald Trump is poised to inherit will have a strong impetus from the recovery in asset values.

The report also showed that balances in savings accounts and time deposits climbed by $331 billion. Owner's equity in real estate—the value of people's homes minus the balance on their mortgages—climbed above $13 trillion for the first time since 2006.

Write to Josh Zumbrun at Josh.Zumbrun@wsj.com

(END) Dow Jones Newswires

December 08, 2016 12:25 ET (17:25 GMT)