Wealthiest 10% Own 89% , of All Stocks in the United States.
According to CNBC, 89% of all U.S. stocks are now owned by 10% of the wealthiest Americans.
During the COVID-19 pandemic, the top 1% gained more than $6.5 trillion in corporate equities.
Shares of corporate equities and mutual funds owned by the top 10% soared to new heights in the second quarter.
The bottom 90% of Americans own 11% of all stocks, down 1% since the beginning of the pandemic.
The stock market is up 40% since January.
Almost 70% of the gained wealth in the past year is attributed to the stock market.
The top 1% own a lot of stock, the rest of us own a little, Steven Rosenthal, senior fellow Urban-Brooking Tax Policy Center, via statement.
The finance application Robinhood reportedly has added 10 million new customers in the last two years.
Many of them are first-time investors.
Though the market has become more diversified with new customers, the wealth it creates is not being more widely distributed.
The average account size at Robinhood is around $4,500.
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, Steven Rosenthal, senior fellow Urban-Brooking Tax Policy Center, via statement.
Between January 2020 and June 2021, the top 10% experienced financial gains of around 43%.
The bottom 90% only saw their stocks appreciate at a rate of 33%