- The wealthiest 10 per cent of Americans now own 89 per cent of all US stocks, according to a recent analysis.
- Wealth in corporate equities and mutual funds among the top 1 per cent increased by more than $6.5 trillion over the course of the pandemic, according to a review of Federal Reserve data.
- Growth of the nation’s ultra-rich has accelerated during Covid and produced over 100 new billionaires, who collectively got more than $2 trillion richer during the pandemic.
Alex Woodward from The Independent writes:
“The wealthiest 10 per cent of Americans now own 89 per cent of all US stocks, according to an analysis from CNBC.
Wealth in corporate equities and mutual funds among the wealthiest top 1 per cent increased by more than $6.5 trillion over the course of the coronavirus pandemic, according to the network’s review of Federal Reserve data.
The bottom 90 per cent of stockholders added a combined $1.2 trillion, underscoring the stock market’s role as both the largest source of wealth creation and biggest driver of wealth inequality among Americans.
While the market is broadly owned, its gains are not equitably administered, with critics arguing that its performance should not be seen as a short-hand indicator for people’s economic health or wellbeing.
The share of corporate equities and mutual funds owned by the top 10 per cent reached a record high in the second quarter of 2021, but the bottom 90 per cent held roughly 11 per cent of individually held stock, down a percentage point from before the onset of the public health crisis, the report found…”
See full story here.
Categories: Business
Economic Left 
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