The wealth of the 1% just hit a record $44 trillion
cnbc.com
Key Points
- The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter.
- All of the gains came from stock holdings thanks to an end-of-year rally.
- Economists say the rising stock market is giving an added boost to consumer spending through what is known as the “wealth effect.”
The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.
The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter. All of the gains came from their stock holdings. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.
While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.
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Thanks Reagan, still waiting for it to trickle down you fucking liar.
Milton Freidman is the one who convinced that POS it would work
This POS also taught Milton.
Think we should end all Economists
Nuke Chicago?
No they have really good food and also real people live there too.
Disproportionately well armed real people, which sounds like a solution to me.
So just a tactical one on the campus?
Ask a meteorologist, but that's my only objection. If they didn't want fallout in their backyards, I guess they would've fixed it themselves at some point in the last century.
If I ever get a time machine, I've got a baby to go delete real quick.
The 1% would have hired some other actor...