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Americans added nearly $4 trillion to their savings during the coronavirus pandemic, but most of the gains went to the wealthy, according to a new study.
Stimulus checks, rising stock markets and fewer spending choices led to a massive savings boom over the past year, with Americans saving about $3.7 trillion, according to a study from Oxford Economics. Yet 70% of the gain went to the wealthiest 20% of Americans, the study found.
The excess savings — or savings above and beyond the normal pre-pandemic growth levels — were even more skewed to the top. Of the $2.6 trillion in excess liquid savings, 80% went to the top 20%, and 42% went to the top 1%.