The 100 Wealthiest Americans Lost $622 Billion Since November

In the early days of the pandemic, when markets plunged and 22 million Americans lost their jobs, Congress and the Federal Reserve sprang into action to stabilize an economy at risk of buckling. After trillions of dollars of Covid-19 relief cash and a monsoon of cheap federally sponsored loans, US households are sitting on record savings. But no group benefited more than the one needing the least assistance: the ultrarich.

What’s responsible for those lopsided gains is the vastly different composition of net worth among America’s wealth tiers. Shares of stocks and mutual funds made up more than a ...