Nearly all stock market wealth in this country is now owned by the super rich. The wealthiest 10 percent hold about 93 percent of all household stock market wealth in this country, Axios reported recently — a record high.

The Institute for Policy Studies analyzed Fed data and found that the lion’s share of these gains went to the richest 1 percent alone. This elite group owns 54 percent of public equity markets, up from 40 percent in 2002.

The bottom half of the country? They own just 1 percent.

There’s been a lot of chatter about the “democratization” of the public stock market. The Fed estimates that 58 percent of U.S. households have some money in the stock market, mostly through retirement funds like IRAs and mutual funds.

But that hype is missing a key trend:........

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