U.S. President Donald Trump speaks during a visit to commemorate the dedication of the Theodore Roosevelt Presidential Library in Medora, North Dakota, U.S., July 1, 2026.
Evan Vucci | Reuters
President Donald Trump’s cryptocurrency-related income and holdings in companies including Apple, Microsoft and Nvidia netted him millions of dollars, according to his annual financial disclosure report.
“You know why I’m making money? Because the stock market is going up, everybody’s making money,” Trump told reporters Wednesday.
Indeed, in the first six months of this year, the Dow Jones Industrial Average rose 8.9%, marking its best first-half performance since 2021. The S&P 500 rose 9.6% and the Nasdaq Composite Index rose 13%. The small-cap Russell 2000 soared nearly 22%, posting its best first-half performance since 1991.
But not everyone shares the market’s upward trend.
Research shows that stock assets are primarily accumulated by America’s wealthiest households.
According to a Gallup poll often cited by Treasury Secretary Scott Bessent, 38% of American households have no exposure to stocks at all.
Among those who invest, stock ownership is concentrated among the nation’s highest income earners.
Widening gap between rich and poor
As of the first quarter of 2026, the top 1% own half of all corporate and mutual fund stocks, or about $27.64 trillion, and the top 10% of Americans own more than 87%, according to the latest data from the Federal Reserve.
Meanwhile, the bottom 50% of households held just 1% of assets in stocks and mutual funds, or $590 billion.
“Half of Americans own virtually no stocks,” said Mark Zandi, chief economist at Moody’s. “To be in the top 1%, you need to earn more than $750,000 a year.”
These dynamics and the recent bull market are exacerbating the gap between rich and poor, he said.
“While the stock market rally is extremely beneficial to the finances of the wealthy, it means little to most Americans,” Zandi said.
Bessent and other supporters of the soon-to-be-launched Trump account argue that investing in U.S. stocks could help reduce inequality by increasing opportunities for children of all income levels to build wealth.
Brad Gerstner, CEO of Altimeter Capital, which helped spearhead the investment account, appeared on CNBC’s “Halftime Report” on June 12 and said, “We need to put capital into the pockets of every child born so that SpaceX, Alphabet and all of our great companies, like the rest of the market, can make more money.”
Trump accounts could generate $80 billion to more than $900 billion in long-term wealth accumulation for low-wealth individuals over the next decade, according to a new analysis from consulting firm McKinsey & Co. However, participation, contribution patterns, and sustained engagement are key factors in these outcomes.
Subscribe to CNBC on YouTube.
