The Stock Market

Just 10% of the population own 88% of the stock market, that’s the up leg. That’s a lot of concentration in a small percentage of the population. On balance 50% of the population doesn’t have any ownership in the stock market at all, and that’s the down leg.

Forty-eight percent of the population on balance owns just 12% of the equity markets, this middle group is reflectively what we might call the middle class. It represents just 12% of the stock market. That’s not that much on an individual percentage basis. But again, that 12% ownership represents the middle class.