Do you have a link or something to support this?
This is what he's referring to:
finance.yahoo.com/news/wealthiest-10-americans-own-93-033623827.html#:~:text=The%20richest%20Americans%20own%20the,the%20third%20quarter%20of%202023.
Quote:
The richest Americans own the vast majority of the US stock market, according to Fed data.
The top 10% of Americans held 93% of all stocks, the highest level ever recorded.
Meanwhile, the bottom 50% of Americans held just 1% of all stocks in the third quarter of 2023.The report states that 58% of Americans participate in the stock market.
The figures DO take into account stocks that people may hold indirectly through mutual funds or retirement accounts. That is, pension funds are not distorting the data.
Frankly, I think this is the way things should be. The bottom 50% has no business owning any stocks at all. They are not qualified to make educated investment decisions, and will instead only get fleeced for fees and invested into sh*tty products by greedy brokers and bank branch managers.
They could do a lot better investing whatever they have into real estate - like doing a kitchen remodel. The increase in the valuation of their home equity will be greater than whatever they may make in the markets. If they don't own, they could use that money towards reducing their rental payments.
When it comes to real estate, the poor have better metrics.
Quote:
In the third quarter, the bottom 50% of households held $4.8 trillion of real estate assets, but just $0.3 trillion worth in stocks, Fed data shows.
The top 1%, by comparison, held over $16 trillion in stocks, and just over $6 trillion in real estate assets.Source: ibid