The wealth of the 1% just hit a record $44 trillion
Publishing timestamp: 2024-03-28 13:07:11
Summary
The wealth of the top 1% reached a record $44.6 trillion at the end of the fourth quarter, driven by gains in stock holdings. The rising stock market is boosting consumer spending through the "wealth effect," but also highlights the top-heavy stock ownership in the U.S. Wealth inequality has crept back to pre-pandemic levels, with the top 1% holding 30% of the nation's wealth.
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Keywords: stock markets, business news, s&p 500 index, investment strategy, breaking news: investing, business, mark zandi, wealth,
Source: https://www.cnbc.com/2024/03/28/wealth-of-the-1percent-hits-a-record-44-trillion.html