The wealthiest Americans are not only widening the gap with the average American. With the stock market boom adding trillions of dollars to their net worth, the richest are further widening the gap with other wealthy Americans. The latest data from the Federal Reserve shows that the total wealth of the richest 0.1% of Americans has more than doubled since the end of 2019. Fed data shows that as of the end of June this year, the total wealth of the richest Americans increased by $14.5 trillion during this period, with the majority (about $10 trillion) coming from the appreciation of stocks and mutual funds. This 0.1% now controls approximately $28 trillion in wealth, accounting for about 15% of the total wealth in the United States ($186 trillion). The average household in this group has more than $200 million in wealth.
