Specifically, since 1990, the top 1% has bought $1.2 trillion of equities and mutual funds compared with $1 trillion of net selling by the remaining 99%. And, confirming what we discussed in “The Rich Have Assets, The Poor Have Debt“, based on the Federal Reserve’s Distributional Financial Accounts (DFAs), the concentration of household equity ownership among the wealthiest households is at an all-time high.
