The Poor Stay Poor, The Rich Get Rich

The report highlights a widening economic divide in the US, where surging equity values have created massive wealth for asset owners while the general population remains pessimistic. It argues the US has transitioned from a housing-based economy to an asset-price economy where wealth is concentrated in the top 0.1%.

Key Takeaways

• 1.The US economy is exhibiting a stark K-shaped recovery where financial asset owners experience a historic wealth boom while others feel recessionary.
• 2.The United States has become an asset-price economy, with stock and mutual fund holdings ($58T) now significantly exceeding real estate assets ($48T).
• 3.US millionaire density is extremely high, with nearly 1 in 11 adults being millionaires and the US accounting for 40% of the global total.

Table of Contents

• The poor stay poor, the rich get rich
• American millionaires
• Real rich
• Getting richer
• The wealth effect from surging stocks
• Bigger than real estate
• The top 0.1%
• Rich clients long stocks
• Let them eat cake
• Why so little spending?
• Trickle down economics...
• Material girl
• Luxury low

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