Wealth Gap Widens: Top 10% See Fortunes Soar

Despite economic challenges, the wealthiest individuals have significantly increased their fortunes since 2020, with households in the top ten percent by net worth seeing the most growth. This trend is largely due to substantial increases in home values and stock market gains, benefiting those who already owned real estate or had investments. Generation X leads this affluent group, while Baby Boomers enter retirement. Home prices surged in 2020 due to limited supply and low mortgage rates, but began to stabilize as the Federal Reserve raised interest rates in 2022. Major stock indexes quickly recovered from the 2020 crash, reaching new highs supported by federal stimulus and a rapid economic recovery.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.