Three consecutive years of strong stock market performance have created a wealth accumulation story—but not for everyone. The gains have been disproportionately captured by the wealthiest 1%, while broader participation remains limited.

This pattern mirrors a recurring trend in traditional markets: when liquidity floods in and asset prices surge, early holders and those with capital to deploy benefit most. The top earners had the dry powder and market access to capitalize on dips and rallies, while retail investors often chase momentum or miss entry points entirely.

The wealth concentration effect is worth watching for crypto investors too. Similar dynamics play out in bull markets here—early believers and institutions scale positions while latecomers get caught chasing pumps. It's a reminder that market cycles reward positioning and timing, not just participation.

For those thinking about asset allocation, this traditional market story raises an important question: Are you riding the wave early, or waiting on the sidelines? The longer wealth concentrates at the top, the sharper the eventual repricing when it does come.