America’s top 1% lose $1.5 trillion on stocks before bear market
Even before US stocks tumbled into a full-blown bear market this week, the country’s richest 1% were staring down huge losses.
The group’s overall wealth plunged by $701 billion last quarter, the first decline since early 2020, driven by $1.5 trillion in stock losses that were offset by gains in real estate and other assets, according to new estimates from the Federal Reserve. It’s an abrupt end to the extraordinary two-year run that added more than $11 trillion to their collective net worth.
The richest 1% owns more than half of the stocks owned by all Americans. The S&P 500 Index is down another 19% since March 31, while the tech-heavy Nasdaq 100 has plunged an additional 24%. The two benchmarks had more modest declines of 5% and 9% in the first quarter, respectively, Bloomberg.
via.TITVN
