Locator: 51836WEALTH.
The intergenerational wealth transfer has begun. See last statement below.
The rich have gotten richer since Covid-19 (surprise, surprise); some great graphs; the gap between the rich and the very, very rich is getting wider; link to The WSJ;
The 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, the extremely rich are even pulling away from other rich Americans.
The 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 year the pandemic started was when the ultrawealthy 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 of $14.5 trillion in wealth over that period, with most of that—about $10 trillion—coming from gains in stocks and mutual funds, according to the Fed data, which runs through the end of June.
The 0.1% now control about $28 trillion, or about 15% of the nation’s total wealth, which amounts to nearly $186 trillion. The average wealth for a household in this group is more than $200 million.
As of 2022, the minimum for the top 0.1% was $45.8 million, according to the most detailed data available from the Fed. With wealth among the group up by roughly 50% since then, that threshold is much higher now.
The people who fall into this group aren’t usually traditional salaried workers. Rather, they are much more likely to be the owner of a bunch of car dealerships or an heir living off investment income.
