In the fourth quarter of 2023, the top 1% of Americans reached a combined net worth of over $44 trillion, a record high. This increase was largely driven by gains from the stock market at the close of 2023. According to data from the Federal Reserve, individuals with net worths over $11 million saw their wealth grow by an additional $2 trillion in the last quarter of 2023. While real estate values saw a slight increase, 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 third quarter.
The Fed’s data shows that privately held businesses experienced losses, which contributed to this surge in wealth among the top 1%. This boom in the stock market has led to Americans’ total yearly net worth reaching a record $156.2 trillion. While many have benefitted from this stock market surge, most of the gains have been concentrated among the wealthiest individuals. The latest data from the Federal Reserve indicates that the top 1% of Americans own half of all individually held stocks, with the top 10% owning 87% of individually held stocks and mutual funds. This highlights
