The coronavirus outbreak and the stock market drop off have been especially bad for wealthy Americans. A new study the Spectrem Group shows the number of American millionaires, which was at 11 million in 2019, now has dropped by half a million. With those Americans not able to invest as much money, financial experts say it directly impacts the middle and lower class.
"People are down to as much as 15, 30, 45, 50 percent depending on what their allocations were to what types of equities, so it’s definitely effecting people,” J.P. Maroney, founder of Harbor City Capital, told KTRH.
Maroney anticipates a jump in the economy once Americans can go back to work. However, he's says it’s uncertain how long it will take for the stock market to get back to where it was before.