The ultra-rich now own a record share
of stocks - with the wealthiest 10% of
Americans (like Nancy Pelosi) holding
93% of US stock market wealth
Daily Mail (UK),
by
Tilly Armstrong
Original Article
Posted By: Imright,
1/12/2024 1:30:28 PM
A huge 93 percent of stock market wealth in the US is held by the richest 10 percent of the population - a new record.
While Americans on the whole have been investing in the stock market at a higher rate, the amount of wealth held is still skewed toward the richest households.
According to Federal Reserve data, 92.5 percent of equities are held by the richest 10 percent of Americans - meaning it is largely the already-wealthy who are benefiting from last year's stock market boom.
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Reply 1 - Posted by:
Aubreyesque 1/12/2024 1:37:13 PM (No. 1634810)
Time for a Ma Bell revolution.
2 people like this.
Reply 2 - Posted by:
Aubreyesque 1/12/2024 1:37:40 PM (No. 1634811)
Time for a Ma Bell revolution
1 person likes this.
Reply 3 - Posted by:
red1066 1/12/2024 1:42:43 PM (No. 1634814)
The old adage that you need money to make money still stands.
5 people like this.
Reply 4 - Posted by:
stablemoney 1/12/2024 2:09:43 PM (No. 1634830)
Worthless data. Wealthy Americans are Old People. The median age of Americans is 40. Those that are considered old, 65 years or older, have had 25 or more years to accumulate wealth, and the benefit will go to their heirs. Check the wealth by age, and this becomes apparent. BTW, the Federal Reserve defines ultra wealthy as those with $10 million or more. Warren Buffet is considered ultra wealthy. He has saved his money, and been compounding it for 75 years, all to leave to the ultra leftist Gates Foundation. What was the point of it all?
6 people like this.
Reply 5 - Posted by:
DVC 1/12/2024 2:40:53 PM (No. 1634844)
The bar is pretty low. Guess what it takes in net worth to be in the top 10% in the world? Net worth of $95K gets you into that club. The global top 1% needs a net worth north of $870K, which I know many people, including myself who qualify.
Now, top 10% in the USA? Net worth of $850K.
Top 5% in USA? $1,030,000 net worth.
Top 2% in the USA? $2.4 million.
Top 1% in the USA? $10.8 million.
So, I have a lot of friends and family in the 2% to 5% range. Probably lots of LDotters, too.
4 people like this.
I am currently NOT wearing my surprised look.
2 people like this.
Reply 7 - Posted by:
HPmatt 1/12/2024 3:15:21 PM (No. 1634862)
What did Mark Twain, lies, damn lies and statistics.
Back out the founders share of Google, Apple, Meta. Tesla and all the other IPOs, and what is left?
What is then 'the average'. Zuckerberg, Musk, Gates, Brin, etc, etc all are worth 100s of BILLIONS.
And their cost is $zero. Back out all the investors that have NEVER sold their shares - like Buffett and all sorts of
others that have gained 10,000x what the invested 20-30 years ago.
I haven't asked my yard guy what stocks he is buying. The working poor are just trying to fill up their gas
tanks to get to work, to pay the rent, to pay the mortgage, to pay the 30% increase in car insurahce, to pay the 20% increase
in food, etc etc. Only those folks that have 'excess cash' are the ones that - already own their homes, their cars, their 20-30 years
of investments in 401ks, and have jobs with health insurance. Self employed and hourly workers - Joe Biden certainly hasn't helped
the situation, nor Congress spending trillions and trillions of 'Covid' money - years after the China virus gave them the oppty to spend like
crazy.
3 people like this.
Reply 8 - Posted by:
Wetenschapper 1/12/2024 6:25:23 PM (No. 1634948)
I have to second what previous posters say: The "top 10%" is mostly just ordinary people, like my wife and I, who are retired and enjoying the fruits of having managed our money well during our working years. It should come as no surprise that those who do not fritter away most of their income on parties and drugs, and invest a portion of their disposable income throughout their working lives instead of spending every penny they make have done well enough to be more wealthy than those just starting out or those who have thrown their incomes into having a good time instead of investing in their futures.
2 people like this.
Reply 9 - Posted by:
franq 1/13/2024 7:14:15 AM (No. 1635210)
They can have it. The stock market is unstable and rigged.
0 people like this.
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