Janet Yellen: Wealthiest 5% Hold 2/3 Assets

Posted by admin on Wednesday, October 22, 2014

Janet Yellen Money Quotation saying the richest five percent hold two thirds of financial assets in the United States. Janet Yellen said:Janet Yellen said:
 

 

“[A] major source of wealth for many families is financial assets, including stocks, bonds, mutual funds, and private pensions. …the wealthiest 5 percent of households held nearly two-thirds of all such assets in 2013” — Janet Yellen

 

 

In this quote, Janet Yellen is pointing out that a significant source of wealth for many families comes from their holdings of various financial assets like stocks, bonds, mutual funds, and private pensions. She then notes that according to 2013 data, the wealthiest 5% of households owned nearly two-thirds of all such financial assets.

Yellen appears to be highlighting the large degree of wealth inequality in America, with a relatively small portion of the population controlling the majority share of financial wealth.

The quote draws attention to the fact that financial market investments serve as an important store of value for families, but that this type of wealth is very concentrated among the highest-income households in the United States.