In June the Fed announced that the wealthiest 1% now own over 50% of the stock market. While the bottom 50% only own 1%. People in the top 1%, on average, make 2500x half of the individuals in this country when the market goes up.
Life was cooked the moment I was born.
For comparison, the top 1% hold about 30% of the total individual wealth (not just the stock market) in the US, and the bottom 50% has about 2.5% (as of 2024).
So the stock market is tilted more towards the wealthy than other assets. I would expect to see relatively more assets like deposit accounts and houses as wealth decreases.
I don't think this guy knows what a "snuff film" is.
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The bottom 40% don't make enough money to pay any federal incomes taxes after credits and deductions so it is not surprising they don't have extra money for the stock market.
What does Steven Borelli the capitalism apologist have to say about this
I mean yes because using the stock market as a metric is not very useful. Equity is going to be disproportionately owned by the wealthy for a myriad of reasons. I can list them for awhile but to go through a couple.
This is looking at equity the wrong way round, many people will become rich from building companies which then sell a portion of the equity to the stock market through an IPO. The (1%) are often the ones who built the company so hold a disproportionate amount of unactualised wealth. For example if a new founder builds a new company, he has 100% equity. He then takes on some funding rounds for 40% equity and then lists 40% on the stock market. He now owns only 20% of his company (that wouldn't exist without him), but that is a massive amount compared to the value of individual stock owners and his net worth is disproportionately large relative to his spending power.
Stocks/equity is a risky investment that is used for excess wealth to beat inflation, it's always going to be weighted to those with the most disposable income relative to fixed living costs because it meets their needs, it's not the same as interest revenue generated which will be more evenly distributed on something like a fixed rate savings account that benefits all income levels. This is similar to saying 20yr bonds are disproportionately owned by groups who can afford to not touch that income for 20 years or more, of course they will when its a financial instrument that fits their criteria.
Unless you are talking about insider trading, someone with $100 will get the same rate of returns as someone with $100 million if they invest in the same funds.
