The wealthiest one percent in President Joe Biden’s America set a record with a net worth of $44 trillion at the end of the fourth quarter, U.S. Federal Reserve data revealed.
Biden casts his administration as opposed to the widening wealth gap, even though a majority of Americans still live paycheck to paycheck, a recent LendingClub study found, raising concerns that so-called “Bidenomics” failed to help average Americans.
A majority of voters are “worse off financially” under Biden, up 25 points since he assumed office in 2021, a Fox News poll found Wednesday.
The fourth quarter gains resulted from stock holdings, thanks to an end-of-year rally, CNBC reported:
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 quarterly gain marked the latest addition to an unprecedented wealth boom that began in 2020 with the Covid-19 pandemic market surge. Since 2020, the wealth of the top 1% has increased by nearly $15 trillion, or 49%. Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.
A U.S. Federal Reserve chart shows the wealth of the top one percent in America.
Wendell Husebo is a political reporter with Breitbart News and a former GOP War Room Analyst. He is the author of Politics of Slave Morality. Follow Wendell on “X” @WendellHusebø or on Truth Social @WendellHusebo.
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