The wealth of the 1% just hit a record $44 trillion
The wealth of the 1% just hit a record $44 trillion
Economists say the rising stock market is giving an added boost to consumer spending through what is known as the "wealth effect."
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.
Economists say the rising stock market is giving an added boost to consumer spending through what is known as the “wealth effect.” When consumers and investors see their stock holdings soar, they feel more confident spending and taking more risk.
I somehow suspect that this thing about the wealth effect is total and utter bullshit.
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.
44 trillion would end world… problems.
Let’s END… the… problem.
🍽️ the 🤑
And here I am terrified to spend a penny.
Maybe the billionaires will buy each other’s shit and we can all just die already and let them play with resources without us.
I don’t know what I’m trying to say. Going to bed for my back to back 16 hour shifts over the next two days.
Good night fellow poors.
Capitalism is working as intended, support ticket closed.
Absolutely disgusting. And conservatives are itching to cut taxes on the wealthy even further.
... But it's the poor mother pulling herself up by the bootstraps, making the perilous journey north to work comparatively-shit jobs to help give her kids a brighter future that is apparently the problem to righties — who, by the way — we all benefit from their cheap labor in the first place...
$20 spent to a person making 100,000/year...
... Is the same as a single-billionaire spending $200,000.
That's over 5k per human currently alive.
It’s Guillotime™️
OFF. WITH. THEIR. HEADS.
Ok hear me out. I just want to do quick maths. The world population is according to worldometer just over 8,1 billion people. So 81 million people make up the top 1%. So this article says they have now 44,6 trillion dollars. So $44600000000000/81000000 is equal to $550617.28 per person in the one percent. So that means if you have more than $550 000 in wealth, you are a one percenter.
I am curious if the wealth of the top % as a value has grown or outpaced the rate of inflation and population growth added together.
Wow, this is great news!! Imagine all the trickle down. 😂 😂 😂
And don't worry, "endless growth" means that you need to get up bright and early today to make them even more!
Oxfam released an analysis saying the top 1% got 63% of all new wealth generated from 2020-2022. According to UN analysis the top 10% own 85% of all the wealth.
According to Oxfam, "an annual wealth tax of up to 5 percent on the world’s multi-millionaires and billionaires could raise $1.7 trillion a year, enough to lift 2 billion people out of poverty, fully fund the shortfalls on existing humanitarian appeals, deliver a 10-year plan to end hunger, support poorer countries being ravaged by climate impacts, and deliver universal healthcare and social protection for everyone living in low- and lower middle-income countries."
Economists say the rising stock market is giving an added boost to consumer spending through what is known as the “wealth effect.”
Read: the economy is re-adjusting to cater to the luxuries of the ultra-rich, not to more efficiently fulfill the needs of the vast majority. So we can't even have that little relief now.
Seize the means of guillotine mass production when?
Does anyone know what the wealth of the bottom 99% is?