Posted 1/13/2024, 10:00:00 AM
Stock Market Boom Overwhelmingly Benefits Richest Americans While Bypassing Most
- Record 93% of stock market wealth is owned by the top 10% of society, according to the Federal Reserve
- The top 10% owns over $600k in equities on average; the bottom 50% owns just $12,500 on average
- The stock market's gains have accrued overwhelmingly to the very top - the wealthiest 1% owns 54% of public market wealth
- Policies have encouraged asset growth over wage growth, shifting gains from workers to shareholders
- Just 7 "magnificent" stocks now have a market cap rivaling the stock markets of Canada, Japan and the UK combined