America’s Top 1% Lose $1.5 Trillion on Stocks Before Bear Market
New Fed data show the losses piled up by rich Americans this year through March, when the decline in equities was just getting started.
Stock market information on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Even before US stocks tumbled into a full-blown bear market this week, the country’s richest 1% were staring down huge losses.
The group’s overall wealth plunged by $701 billion last quarter, the first decline since early 2020, driven by $1.5 trillion in stock losses that were offset by gains in real estate and other assets, according to new estimates from the Federal Reserve. It’s an abrupt end to the extraordinary two-year run that added more than $11 trillion to their collective net worth.