The top 10% owns 87% of the stocks

The top 10% owns 87% of the stocks in this country. They also own 84% of the private businesses, 44% of real estate and two-thirds of overall wealth. These numbers have all increased since 1989 as well — total wealth (60.8% to 67.3%), stocks (81.7% to 87.2%), private businesses (78.4% to 84.4%) and real estate (38.2% to 43.9%). According to The Wall Street Journal, the top 10% also accounts for 50% of all consumer spending: Three decades ago the top 10% made up 36% of spending. It’s accelerating this decade: Between September 2023 and September 2024, the high earners increased their spending by 12%. Spending by working-class and middle-class households, meanwhile, dropped over the same period. The bottom 80% of earners spent 25% more than they did four years earlier, barely outpacing price increases of 21% over that period. The top 10% spent 58% more. The top 10% is spending way more on an inflation-adjusted basis in the 2020s. Look at the travel budget for the wealthiest hous ... Read full article.