Asset owners have been shielded from inflation: ~55% of consumers with no stock market ownership cited high prices as the reason for worse personal finances in May, the highest in at least 10 years. At the same time, consumers in the bottom two-thirds of stock ownership in the survey reported a similar level of strain. By comparison, only ~40% of consumers in the top third of stock ownership cited high prices as a concern. This puts the gap between top stockholders and those with no stock ownership at ~15 percentage points, the widest since mid-2024. Excluding 2024, this is the largest divergence in over a decade. This comes as the historic market rally has shielded wealthy consumers from inflation while the rest of America bears a disproportionately larger burden. Own assets or be left behind.
