The richest 1 percent of Americans, led by President Joe Biden, set a record with a net worth of $44 trillion at the end of the fourth quarter, data from the U.S. Federal Reserve showed.
A recent Lending Club study found that Biden has come to power to combat the widening gap between rich and poor, even though the majority of Americans are still living paycheck to paycheck. , there are growing concerns that so-called “Bidenomics” is failing to help average Americans.
A Fox News poll on Wednesday found that a majority of voters say they are “economically worse off” under Biden, an increase of 25 points since he took office in 2021.
Earn profit in 4th quarter as a result CNBC reported that stock holdings decreased thanks to the bull market at the end of the year.
The total net worth of the top 1%, defined by the Fed as people with wealth of $11 million or more, increased by $2 trillion in the fourth quarter. All profits came from their shareholdings. The value of corporate and mutual fund stocks owned by the top 1% soared to $19.7 trillion from $17.65 trillion last quarter.
Although their real estate values rose slightly, the value of their privately held businesses fell, effectively wiping out all other non-equity gains.
This quarter’s gains were the latest addition to an unprecedented asset boom that began in 2020 with the coronavirus pandemic market surge. Since 2020, the wealth of the top 1% has increased by nearly $15 trillion (49%). The American middle class is also on the rise in wealth, with 50% to 90% of middle-class Americans feeling that their wealth has increased by 50%.
Wendell Husebo is a political reporter for Breitbart News and a former Republican war room analyst.he is the author of politics of slave morality.Follow Wendell “X” @WendellHusebø or society of truth @WendellHusebo.
