The richest 1% in the United States has a record wealth of $44 trillion

On March 29th, the latest data from the Federal Reserve showed that as of the end of the fourth quarter of last year, the wealth of the wealthiest 1% of the US population reached a record high of $44.6 trillion, due to the appreciation of their investment portfolios due to the rise in the stock market at the end of the year. According to the definition of the Federal Reserve, people with wealth exceeding $11 million are the wealthiest 1% of the population, and their total net assets increased by $2 trillion in the fourth quarter of last year. All the profits come from the stocks they hold. Since 2020, the wealth of the wealthiest 1% of the population has increased by nearly $15 trillion, a growth rate of 49%. The wealth of the American middle class is also on the rise, with a 50% to 90% increase in wealth. Moody's Chief Economist Mark Zandi said, "The wealth effect brought about by soaring stock prices has a strong driving effect on consumer confidence, spending, and broader economic growth." "Of course, this highlights the fragility that the economy faces if the stock market experiences volatility. This is not the most likely scenario, but given that the stock market seems to be overvalued, this situation does exist."