While more Americans own stock today than ever
before, the truth is that the
majority of Americans still don't own any stock in any form, including
mutual funds and 401(k)-style pension plans. Furthermore, most of those who do own
stock don't own very much. This week's figure shows that almost all the
gains from the run-up in the stock market in the 1990s have gone to the
wealthiest 10% of households.
The top 1% of American households captured 42.5% of the stock market gains
between 1989 and 1997. The next 9% of households received 43.3% of the
total. This left just 14.2% of the benefits of the boom for the remaining
90% of American households.
Source: The State of Working America 1998-99.