Factually inaccurate as it relates to equity exposure (“shareholders”). There is no evidence of “wealth spreading” beyond a token gesture.

https://www.visualcapitalist.com/a-visual-breakdown-of-who-o...

https://www.stlouisfed.org/open-vault/2025/june/the-state-of...

> The top 10% of households by wealth had $8.1 million on average. As a group, they held 67.2% of total household wealth. The bottom 50% of households by wealth had $60,000 on average. As a group, they held 2.5% of total household wealth.

> The top 20% of households by income had $4.3 million in wealth on average. As a group, they held 71.1% of total household wealth. The bottom 20% of households by income had $180,000 in wealth on average. As a group, they held 3% of total household wealth.

https://finance.yahoo.com/news/wealthiest-10-americans-own-9...

Top 10% owns 93% of equities. Middle class wealth is primary residence real estate, representing roughly 60% to 80% of total household wealth.

> In any event, stock market booms have traditionally produced the largest rewards for those who are already wealthy. That's because the wealthiest US households have most of their assets tied up in equities, while most middle-class families have their assets tied up in housing, researchers said in a 2020 study. Meanwhile, the bottom 50% of Americans held just 1% of all stocks in the third quarter of 2023.

https://eig.org/whos-left-out-of-americas-retirement-savings...

> The latest data show that 42.0 percent of full-time working Americans do not have access to retirement plans, 44.1 percent do not participate, and 50.5 percent do not receive an employer match. (Note that these figures are for employed workers between the ages of 18 and 65, excluding government and self-employed workers.)

https://www.gao.gov/financial-security-older-americans

> Even for those who do have access, traditional defined benefit pensions have become much less common as defined contribution plans, such as 401(k)s, have become the primary type of retirement plan. This shift has increased the risks and responsibilities for individuals in planning and managing their retirement. Yet research shows that many households are ill-equipped for this task and have little or no retirement savings. As of 2022, about half of households with a worker age 55 and older had no retirement savings, and 32% had no retirement savings or a defined benefit plan.

Sticky wage norms and the real wage cost of unexpected inflation