Key Points

  • The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter.
  • All of the gains came from stock holdings thanks to an end-of-year rally.
  • Economists say the rising stock market is giving an added boost to consumer spending through what is known as the “wealth effect.”

The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.

The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter. All of the gains came from their stock holdings. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.

While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.

  • JargonWagon@lemmy.world
    3·
    8 months ago

    Source

    “Let them eat Corn Flakes” appears to be Kellogg’s CEO Gary Pilnick’s advice to cash-strapped shoppers who are spending the highest portion of their income on food than at any point in the last 30 years.

    In an interview with CNBC last week, WK Kellogg CEO Pilnick said the company was advertising cereal for dinner to consumers looking for more affordable options. “Give chicken the night off,” the ad’s cheery tagline reads.

    “The cereal category has always been quite affordable, and it tends to be a great destination when consumers are under pressure,” Pilnick said. “If you think about the cost of cereal for a family versus what they might otherwise do, that’s going to be much more affordable.”

    That same guy, further known as “Asshat”, made more than $4M in 2023. What a fuckin asshole.

    I wonder what his advice would be on other topics.
    “Man, I wish I could buy a house so that I have a stable living condition and a roof over my head.”
    Asshat: “A cardboard box on the street seems to be trendy way to be thrifty and obtain all you’re asking for! I sell them, give me money!”

    Next time he complains about something, we should give him similar advice.
    Asshat: “Man, I wish I could own a yacht like the other rich guys in my golf club.”
    Us: “This rowboat seems to be trendy way to be thrifty and obtain all you’re asking for! I sell them, give me money!”