The wealthiest 10% of Americans own 89% of all of the stocks available in the U.S., according to CNBC, citing the latest data from the Federal Reserve.
CNBC explained that the richest 1% of Americans gained over $6.5 trillion USD in corporate equities and mutual fund wealth during the pandemic. “The share of corporate equities and mutual funds owned by the top 10% reached the record high in the second quarter, while the bottom 90% of Americans held about 11% of individually held stocks, down from 12% before the pandemic,” the outlet said.
This increase has led to the total wealth of the top 1% of Americans reaching a record 32%, with nearly 70% of their wealth gains over the last year and a half coming from stocks, CNBC said, adding that the top 10% saw their stocks grow in value by 43% between January 2020 and June 2021, according to the Fed.
In other news, Robinhood has begun testing crypto wallets.