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A booming stock market is definitely making the rich richer, but it won't do much to lift prospects for most everyday Americans or the broader economy, concludes RSM's chief economist Joe Brusuelas in an intriguing new post.
The big picture: Rising stock prices help a very small slice of folks at the top, and the rich don't spend much of those gains — which would at least drive overall economic growth.
By the numbers: The top 20% of income earners in the U.S. hold about 87% of stocks and mutual funds — that amounts to $55 trillion as of June, up from $45 trillion a year ago, per RSM's analysis of data from the Federal Reserve's Distributional Financial Accounts overview.
