The stock market's scorching run means the rich will keep getting richer: Chart

Goldman Sachs research highlighted in the article finds equity gains—particularly AI-driven rallies in names like Nvidia—are the dominant force behind recent household wealth accumulation and a measurable “wealth effect” on consumer spending. The study estimates wealth effects raised annualized consumption growth by about 0.3 percentage points recently (roughly 0.2ppt from AI-related equity gains) and expects a 0.4ppt boost over the next year. The piece notes the top income quintile accounts for nearly all of this effect, meaning market gains concentrate spending power with the wealthy. Markets sit near all-time highs (Dow closed at a record 51,562 after an 875‑point jump), driven by strong earnings, AI capex and investor confidence—supporting a bullish near‑term outlook for equities and consumption.