Recent data from the Federal Reserve reveals that the wealth amassed by America's wealthiest 1% reached an unprecedented milestone of $44.6 trillion by the end of the fourth quarter of 2023. The surge in wealth predominantly stemmed from stock holdings, with the value of corporate equities and mutual fund shares owned by the top 1% skyrocketing from $17.65 trillion in the previous quarter to $19.7 trillion. This ongoing exceptional trend began in 2020 and has resulted in a staggering 49% growth in the wealth of the top 1%. Middle-class Americans have also experienced a significant rise in their wealth, witnessing a remarkable 50% increase.
Recent data from the Federal Reserve reveals that by the end of the fourth quarter of 2023, the wealth amassed by America 's wealthiest 1% reached an unprecedented milestone of $44.6 trillion. The collective net worth of this select cohort, delineated by the Fed as individuals holding assets surpassing $11 million, surged by $2 trillion during the corresponding period. Furthermore, this figure fluctuates based on geographical location.
The surge in wealth predominantly stemmed from stock holdings, with the value of corporate equities and mutual fund shares owned by the top 1% skyrocketing from $17.65 trillion in the previous quarter to $19.7 trillion. The recent historic surge in wealth for the top 1% is part of an ongoing exceptional trend that began in 2020 when the COVID-19 pandemic shook the markets. Since the onset of 2020, there has been a remarkable surge in the wealth of the top 1%, boasting an eye-popping increase of almost $15 trillion, marking a staggering 49% growth. Moreover, the tide of prosperity hasn't been limited to the upper echelons of society. Middle-class Americans, spanning from the middle 50% to the 90%, have also experienced a significant rise in their wealth, witnessing a remarkable 50% increase. As the evidence suggests a widening gap between the wealthy and the rest, breaking into the coveted top 1% of global wealth is becoming progressively more challenging and costly
Wealth America Top 1% Federal Reserve Milestone Stock Holdings Corporate Equities Mutual Fund Shares Surge Trend COVID-19 Pandemic Middle-Class Gap
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