Thus, the cumulative wealth of the richest 1% of Americans reached a record level of 45.9 trillion dollars at the end of the fourth quarter of 2021, according to the latest report of the Federal Reserve on household wealth.
During the pandemic, their fortunes increased by more than $ 12 trillion, or more than a third.
“The numbers are staggering. The pandemic wealth boom is certainly at its peak or close to all the booms of the last 40 years, ”said Edward Wolff, a professor of economics at New York University.
At the end of 2021, the richest 1% had a record 32.3% of the nation’s wealth, according to the data.
Also, the share of wealth owned by 90% of Americans decreased slightly compared to the period before the pandemic, from 30.5% to 30.2%.
Wealth growth of the wealthiest Americans has stagnated or slowed slightly so far this year due to declining stock prices.
The main growth factors for the wealthiest Americans last year were private stocks and private businesses.
About $ 4.3 trillion of the richest 1% of total earnings came from corporate and mutual fund shares last year, according to Fed data.
The stock portfolios of the richest 1% of Americans are now worth $ 23 trillion, accounting for a record 53.9% of all individual shares, according to the central bank.
Despite claims to democratize the stock market, with millions of new individual investors opening trading accounts on Robinhood and other platforms, stock ownership in America has actually become more concentrated than before the pandemic.
At the end of 2021, the richest 10% of Americans held a record 89% of their individually owned corporate and mutual fund shares.
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