The top 1% of Americans now have a combined net worth above $44 trillion for the first time due to the booming stock market, data from the Federal Reserve shows.

Those with a net worth of more than $11 million, which is how the Fed defines the top 1%, gained an additional $2 trillion in the last quarter of 2023.

While real estate values went up slightly, the value of corporate equities and mutual fund shares held by America’s wealthiest soared 11.6% to $19.7 trillion from $17.65 trillion in the third quarter.

The value of top 1%’s privately held businesses, however, declined by enough to erase gains from any assets outside of the stock market.

At the end of 2023, the stock and bond markets rose when the cooling consumer price index (CPI) print gave investors hope that the Fed had reached a peak in its interest rate hikes.

Since 2020, the top 1% has seen $15 trillion added to their wealth, a 49% upsurge.

Americans at all income strata saw their total yearly net worth hit a record $156.2 trillion. It's what JPMorgan has described as Americans' “love affair” with stocks, with U.S. households and nonprofits quadrupling their equity allocations over the past 40 years to 41%, CNBC reports.

The Fed report released Thursday also showed that the top 10% of Americans own 87% of individually held stocks and mutual funds, while the top 1% own half.

A report from the Commerce Department Thursday showed the U.S. economy grew faster than previously estimated in the fourth quarter, boosted by strong consumer spending and business investment in nonresidential structures like factories and healthcare facilities.

The report also showed profits rising at a solid clip last quarter, driven by nonfinancial corporations. Increasing profits, together with rising worker productivity, could encourage companies to retain their employees, and extend the economic expansion.

The economy has shrugged off fearmongering about a recession following 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022 to quell inflation. Though momentum has slowed, it continues to outpace its global peers.

• Economy Shines With Help from Consumers, Job Market