Wed. Apr 24th, 2024

Fueled by a late-2023 stock market rally, the wealthiest Americans saw their combined wealth surge by a staggering $2 trillion in the fourth quarter, according to CNBC.

This jump, driven by skyrocketing corporate equities and mutual funds, pushes their total assets to a record-breaking $44.6 trillion.

While middle-class Americans also experienced some wealth gains, CNBC highlights the stark reality of economic inequality.

The stock market boom disproportionately benefits the ultra-wealthy. Data reveals a hefty concentration of ownership: the top 10% hold a whopping 87% of individual stocks and mutual funds, with the top 1% controlling half of that share and claiming a staggering 30% of the nation’s total wealth.

This trend builds upon a surge that began in 2020 with the pandemic market boom. CNBC reports that since then, the net worth of the top 1% has ballooned by nearly $15 trillion, a staggering 50% increase.

This explosive growth has unfortunately reversed positive trends in wealth inequality from 2021 and 2022, pushing the wealth gap back to pre-pandemic levels.

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