Exclusive: Scott Bessent Says K-Shaped Economy Is Over, but Wall Street Veteran Says Wealth Divide Is Worsening: ‘50% of Americans Own No Stocks and Are Getting Left Behind’

Rishabh Mishra

Thu, August 13, 2026 at 1:46 PM GMT+3 5 min read

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Treasury Secretary Scott Bessent recently declared the "K-shaped" economic divide dead, but market experts argue the wealth gap is actually accelerating, prompting Wall Street veteran Louis Navellier to advise Americans to "bet on a billionaire" to survive the enduring financial split.

The 'C-Shaped' Claim vs. Reality

Treasury Secretary Bessent recently stated that the "K-shaped" economy is over, replaced by a "C-economy" where lower-income workers are regaining ground. However, market veterans argue the data tells a starkly different story about asset concentration.

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Navellier, founder and chief investment officer of Navellier & Associates, noted his alignment with the Secretary's broader market optimism but highlighted the severe disparity in asset ownership.

"'In Bessent We Trust' is my motto," Navellier said. "The wealth divide persists and is mostly caused by demographics… There is no doubt that the rich are getting richer." He pointed out that the top 50% of households hold all the stock market wealth, while the "other 50% of Americans own no stocks and are getting left behind."

'Bet on a Billionaire'

With corporate America posting record earnings growth fueled by AI productivity gains, Navellier offered blunt advice for those on the losing end of the divide.

"It is imperative that if you are in the bottom 50% of income, you strive to bet on a billionaire," like Jensen Huang, CEO, co-founder, and president of Nvidia Corp., Alex Karp, co-founder and CEO of Palantir Technologies Inc., etc., Navellier advised.

"In America, you can complain about the billionaires or invest with them. I recommend that you do the latter."

A Call for Structural Change

For those without capital to invest, macroeconomic pressures are mounting. John Murillo, Chief Business Officer at B2BROKER, warned that an organic economic convergence is highly unlikely.

"I do not see durable consumer convergence happening without some form of structural policy change," Murillo stated. He emphasized that the top 1% of U.S. households hold approximately $55 trillion—about as much as the bottom 90% combined.

"While the retail sector bears the brunt of inflation, institutional investors are using cutting-edge fintech tools, diversification, and alternative assets to achieve exponential growth," Murillo explained. He warned that without progressive taxation or broader investment access, the market will continuously reward asset ownership over wage income.

How Have Markets Performed In 2026?

The S&P 500 index has advanced 12.68% year-to-date. Similarly, the Nasdaq Composite index was up 13.81%, and the Dow Jones gained 11.18% YTD.

The SPDR S&P 500 ETF Trust and Invesco QQQ Trust ETF, which track the S&P 500 and Nasdaq 100, respectively, were closed lower on Tuesday. The SPY was down by 0.32% at $770.56, while the QQQ declined by 0.34% to $718.45.

Meanwhile, the Dow tracker, State Street SPDR Dow Jones Industrial Average ETF Trust, also ended 0.32% lower at $537.28 on Tuesday.

In premarket on Wednesday, the S&P 500 was up 0.20%, QQQ advanced 0.58% and DIA was 0.06% higher.

Credit: Josh Morgan / USA TODAY NETWORK via Imagn Images

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