- cross-posted to:
- aboringdystopia@lemmy.world
- cross-posted to:
- aboringdystopia@lemmy.world
Key Points
- The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter.
- All of the gains came from stock holdings thanks to an end-of-year rally.
- Economists say the rising stock market is giving an added boost to consumer spending through what is known as the “wealth effect.”
The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.
The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter. All of the gains came from their stock holdings. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.
While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.
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We just shouldn’t allow individuals to have over a billion dollars, just 100% tax on anything over a billion when combined assets exceed that number. Both because there’s no good reason for any one person to have that much money and because as pathetic as American campaign finance laws are it’s a legit national security risk for someone to have that kind of money to throw at their pet causes.
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Could you explain what communism is?
Fine, I’m willing to compromise, just so that you don’t think I’m a radical or anything. Let’s make it 99,99%.
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