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Money

Stock Market Losses Wipe Out $9 Trillion from Americans’ Wealth

September 30, 2022 CNBC 2

The top 1% lost over $5 trillion in stock market wealth. The market was inflated as it nearly doubled during the pandemic, rising from $22 trillion to $42 trillion. The bulk of that wealth went to those at the top, since the wealthiest 10% of Americans own 89% of individually held stocks.