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.
This is factually incorrect. Ritalin is a brand name for methylphenidate, which is chemically very different from amphetamines. Both are carbon compounds that have a phenyl ring and a nitrogen two carbons away from it but beyond that, they are very distinct. Additionally, they have different mechanisms of action.
Oh color me correct on that.
Literally not an amphetamine, I’m not entirely sure why I thought they were other than just phenyl ring.
Guess speaking out my ass on that one since I know that it was sold in the same circles as Adderall but looking into you are correct and it’s completely different.
All good!