The top 1% gained over $6.5 trillion in corporate equities and mutual fund wealth during the pandemic, according to the latest data from the Federal Reserve.
The wealthiest 10% of Americans now own 89% of all U.S. stocks, a record high that highlights the stock market's role in increasing wealth inequality.in corporate equities and mutual fund wealth during the Covid-19 pandemic, while the bottom 90% added $1.2 trillion, according to the latest data from the Federal Reserve.
The growing concentration of wealth comes despite millions of new investors coming into the stock market for the first time during the pandemic, leading to what many have labeled "the democratization" of stocks.added more than 10 million new accounts over the past two years and now has more than 22 million — many of them held by younger, first-time investors.
"Many of the younger investors also bought in at higher prices, compared to bigger investors who have been in the market for years and see larger gains," Rosenthal said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former Iranian central bank chief sentenced to 10 years on corruption chargesA former governor of Iran’s Central Bank, Valiollah Seif, was sentenced on Saturday to 10 years in prison on corruption charges involving the mismanagement of millions of dollars, the judiciary said.
Read more »
Iran sentences ex-central bank chief to 10 years in prison for corruptionValiollah Seif, who headed the Central Bank of Iran between 2013 and 2018, was charged with disturbing the order in the forex market and paving the way for illegal purchase and sale of foreign currency.
Read more »
Eva Fehren Celebrates 10 Years With Its First Manhattan BoutiqueThe New York jeweler has set up shop in Rockefeller Center with a gem of a jewelry store.
Read more »
US offers to pay relatives of 10 killed in botched Afghan drone strikeThe United States said Friday it has offered to pay unspecified compensation to relatives of 10 people in Afghanistan including seven children who were killed by mistake in a US drone strike as American forces were completing their withdrawal.
Read more »
‘Squid Game’ Dethroned In Netflix’s Top 10 List By A New ShowHere's what new show has knocked Squid Game off the 1 spot in Netflix's top 10 list.
Read more »
Study: Only 1 in 10 Children with ADHD Will Outgrow SymptomsRoughly 90% of children with ADHD will not outgrow the disorder by adulthood, according to a new study that also found that ADHD “waxes and wanes” for many individuals as they age.
Read more »