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The wealth of the 1% just hit a record $44 trillion (www.cnbc.com)

submitted 8 months ago by [email protected] to c/[email protected]

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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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[–] [email protected] 2 points 8 months ago

It only trickles down in blood, dear. And only that you shed. Kill your masters, kill for your masters, or die for them. Those are your options.