FatDuck3
Oct 3, 6:24 PM
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Ultrawealthy aren’t just pulling away from average Americans. Buoyed by a stock market boom that has added trillions of dollars to their net worth, now the extremely rich are even pulling away from other rich Americans
Top 0.1% wealthiest Americans have seen their total wealth MORE THAN DOUBLE since the end of 2019, according to new data from the Federal Reserve. The yr the pandemic started was when the ultrawealthy really began to pull away from other rich groups, according to a Wall Street Journal analysis of Fed data
In dollar terms, the very richest Americans have gained a total
$14.5 trillion in wealth over that period, w/the majority of that—about
$10 trillion—coming from gains in stocks & mutual funds, according to the Fed data, which runs through the end of June
The roughly 137,000 households who make up the nation’s top 0.1% had already gotten richer in comparison to everyone else in recent decades, thanks to higher incomes & lower tax rates
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