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.
tHe EcOnOmY iS dOiNg GrEaT
No, the stock market is doing great at making the rich richer. The economy is fucking broken. On purpose. The crushing of the working class to enrich the 1% is capitalism working exactly as intended.
I’m sure the wealth will trickle down any moment now. Been waiting about 40 years now. Must be happening soon.
And no one will listen to you because America has a stake in the stupidity of its people.
Thanks Reagan, still waiting for it to trickle down you fucking liar.
If I ever get a time machine, I’ve got a baby to go delete real quick.
The 1% would have hired some other actor…
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.
Removed by mod
“I could hire half the poor to kill the other half.”
And in the end, even those jobs were automated.
https://www.forbes.com/sites/davidhambling/2023/08/07/flying-sniper-drone-takes-aim/?sh=77de157153fd
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.
I would lower that to $100 million. I don’t think there’s even a good reason for anyone to be that rich, but if we’re going for a crazy upper limit…
If you had a billion dollars and never earned a penny more, you would actually find it hard to spend it all before you die. It could probably fully support several generations of your family. I’m totally fine with saying, “Congratulations! You maxed out the money counter in the game of Life!”
I’d be quite content with 999 million dollars.
Aren’t there some billion dollar super yachts out there? There’s always a reason for the stupidity rich to claim they need more.
Ahh, boo hoo. I guess they’ll need to take out a loan like the rest of us plebians.
Make it a million, with an M. Adjusted for inflation after inception, and including stock income. I’ve been saying it for years. Good luck convincing those in power who it would actually effect to enact it though.
Eat the rich
Plenty of meat on those bones.
So I’m not against eating (or better yet taxing) the rich, but if this article talks about the 1% global/worldwide, you’re likely in that 1%. The cutoff is like anyone with a job that makes 60k$ a year and no kids.
Nice! Good job all. It sucks that our wealth is being harvested by a few psychos but dam we are working our asses off and generating vasts amounts of it. For someone else but still damn, super impressed.
44 trillion would end world… problems.
Let’s END… the… problem.
🍽️ the 🤑
It should be trickling down any second now. Meanwhile, the Kellogg’s CEO is telling people to eat cereal for dinner because they are poor.
“Let them eat Corn Flakes” appears to be Kellogg’s CEO Gary Pilnick’s advice to cash-strapped shoppers who are spending the highest portion of their income on food than at any point in the last 30 years.
In an interview with CNBC last week, WK Kellogg CEO Pilnick said the company was advertising cereal for dinner to consumers looking for more affordable options. “Give chicken the night off,” the ad’s cheery tagline reads.
“The cereal category has always been quite affordable, and it tends to be a great destination when consumers are under pressure,” Pilnick said. “If you think about the cost of cereal for a family versus what they might otherwise do, that’s going to be much more affordable.”
That same guy, further known as “Asshat”, made more than $4M in 2023. What a fuckin asshole.
I wonder what his advice would be on other topics.
“Man, I wish I could buy a house so that I have a stable living condition I don’t have to worry about and a roof over my head.”
Asshat: “A cardboard box on the street seems to be trendy way to be thrifty and obtain all you’re asking for! I sell them, give me money!”Next time he complains about something, we should give him similar advice.
Asshat: “Man, I wish I could own a yacht like the other rich guys in my golf club.”
Us: “This rowboat seems to be trendy way to be thrifty and obtain all you’re asking for! I sell them, give me money!”
And don’t worry, “endless growth” means that you need to get up bright and early today to make them even more!
Seize the means of guillotine mass production when?
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.
When do we start taking heads?
Capitalism is working as intended, support ticket closed.
