Well the pandemic was also great for this...the fear-induced draconian lockdowns, mainly driven by Democrats, empowered and enriched those they campaign against, the evil 1%ers. Congrats!
It was a great year for the 1 percent. It’s not hard to see why many were happy to mouth “stay home, stay safe” platitudes during the pandemic.
fee.org
In April 2020, Peter R. Orszag, the CEO of Financial Advisory at Lazard,
made a prediction in a
Bloomberg article.
“The Covid-19 pandemic will likely leave us with an economy in which larger companies play an expanded role, representing a higher share of both employment and revenue,” wrote Orszag, who previously served as President Obama’s Director of the Office of Management and Budget.
It would be the corporate version of
the Matthew Effect: the strong would just get stronger. Nearly 15 months later, Federal Reserve economic data show Orszag was right. The strong did get stronger—and much richer.
Newly released data from the Fed show that the top 1 percent of income earners now hold 32.1 percent of all wealth in the United States. That is the highest percentage of wealth the top 1 percent has held since the Fed began publishing the data set in 1989 (see below).
That’s up nearly 20 percent from the period following
the 2007-2008 Financial Crisis, and nearly 35 percent from 1990.