Wealth Management Boom Drives Dealmaking Frenzy

The wealthiest people in the U.S. have seen a lot of their money grow in the last few years.

The top 0.1% have gained about one-third of their total wealth since 2020, and the next top 1% have also seen their money increase, though not as much.

This growth is happening because of a lot of dealmaking in the wealth management business.

An economist named Steven Fazzari looked at data from the Federal Reserve to figure this out.

This means that the richest people are getting richer, and it's changing how the wealth management business works.