The Blubber

Per CNBC

The richest 1% of Americans own more stocks compared to the bottom 99%, with the richest snatching up two-thirds of new wealth created since 2020. Last year, the richest 1% took two-thirds of new wealth, with one-third distributed among the bottom 99%.

At the start of the year, it was found that the richest 1% of Americans took most of the new wealth created since 2020. This came from an Oxfam study, which tackled the topic of how the rich should be taxed.

The report was released when the World Economic Forum was happening in Davos, Switzerland, talking about how much a billionaire gained compared to everyone else.

“A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent,”

In 2020, it was noted that $42 trillion in new wealth was created, with the top 1% amassing $26 trillion. The bottom 99% could only get $16 trillion from the new wealth created.

Oxfam International executive director, Gabriela Bucher, gave a statement regarding how he thought taxing should happen for the super-rich.

Bucher: “Taxing the super-rich and big corporations is the door out of today’s overlapping crises. It’s time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow ‘trickling down’ to everyone else,”

In August, it was reported that Jerome Powell sparked a market rout that resulted in $78 billion being slashed from the American's richest. During the time of the report, Jeff Bezos lost $6.8 billion, Elon Musk lost $5.5 billion, and Sergey Brin lost almost $100 billion.

In September, the stock market saw a loss of $9 trillion from American's wealth. Holdings of corporate equities and mutual fund shares saw a drop to $33 trillion at the end of the second quarter, from $42 trillion at the start of the year.

See flow at unusualwhales.com/flow.

Other News:

• Powell erased $78 billion from richest Americas
• Stock market losses wipe out $9 trillion from Americans’ wealth

Resources:

CNBC

Oxfam