Economists say the rising stock market is giving an added boost to consumer spending through what is known as the "wealth effect."

Key Points

  • The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter.
  • All of the gains came from stock holdings thanks to an end-of-year rally.
  • Economists say the rising stock market is giving an added boost to consumer spending through what is known as the “wealth effect.”

The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.

The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter. All of the gains came from their stock holdings. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.

While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.

  • nickwitha_k (he/him)@lemmy.sdf.org
    3·
    9 months ago

    Adderall and Ritalin are literally amphetamines.

    This is factually incorrect. Ritalin is a brand name for methylphenidate, which is chemically very different from amphetamines. Both are carbon compounds that have a phenyl ring and a nitrogen two carbons away from it but beyond that, they are very distinct. Additionally, they have different mechanisms of action.

    • Krauerking
      21·
      9 months ago

      Oh color me correct on that.

      Literally not an amphetamine, I’m not entirely sure why I thought they were other than just phenyl ring.

      Guess speaking out my ass on that one since I know that it was sold in the same circles as Adderall but looking into you are correct and it’s completely different.