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The wealth of the top 1% reached an all-time high of $44.6 trillion in the fourth quarter, driven by a year-end stock rally that boosted their investment portfolios, according to the latest data from the Federal Reserve.
The total net worth of the top 1%, defined by the Fed as individuals with wealth exceeding $11 million, saw a $2 trillion increase in the fourth quarter, with all gains coming 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 in the previous quarter.
Although their real estate values experienced a slight increase, the value of their privately held businesses declined, effectively offsetting all other gains apart from stocks.
This quarterly gain is the most recent addition to an…
2024-03-28 15:32:39
Original from www.cnbc.com