Fed: America’s richest 1% gained $6.5tln in 2021

The wealth of America’s richest people, such as Warren Buffett and Jeff Bezos, increased by a total of $6.5 trillion in 2021, mainly due to rising stock and financial markets, the Federal Reserve reported.

The Fed added in its latest report that the total wealth of the wealthiest 1% jumped to $45.9 trillion by the end of Q4 2021, which meant an increase of more than $12 trillion during the course of the pandemic.

Edward Wolff, professor of economics at New York University said that these numbers are amazing.

He added that he pandemic wealth boom certainly ranks at or near the top of all the wealth booms over the last four decades.