Bloomberg Businessweek August 1st 2022 pp48-49 “Where Did the Money Go?” by Devon Pendleton and Graphic by Dorothy Gambrell
Read Bloomberg Businessweek for all the details
Graphic from ibid
Summary by 2244
Out of the pandemic “US households are sitting on record savings. But no group benefited more than the one needing the least assistance, the ultrarich” This largely because the top 1% hold up to a third of their wealth in stocks and mutual funds that soared during the pandemic as work-from-home became commonplace and ecommerce stocks surged. Those in the bottom 50% of US households don’t hold equities and didn’t benefit. Looking back from 2008 though, the bottom 50% are better off with about 110% increase in wealth but that is greatly outpaced by a 1500% gain in the top 0.001%.