Ultra-Rich Soar as Pandemic Fuels Wealth Surge

The Federal Reserve's latest data reveals that the ultra-rich in the US have seen their wealth skyrocket during the COVID-19 pandemic. According to the Fed, the top 1% of earners have seen their net worth increase by 31.4% since the start of the pandemic.

This surge in wealth for the wealthy is largely due to the stock market's strong performance, with many high-end assets such as Bitcoin (BTC) and other cryptocurrencies experiencing significant price gains.

The data also shows that the bottom 50% of earners have seen their net worth decline by 1.3% over the same period.