Trump's State of the Union touted a booming stock market - but these 3 charts show why it's an awful indicator of economic progress

The chart above shows the share of Americans in each part of the wealth distribution who directly own stocks.

Data from the Federal Reserve shows that only 8% in the bottom half of household net worth own stock shares. That's compared to 89% in the upper half of the distribution.

Just over half — 51% — are in the wealthiest 10% of US households.

That trend locks out a substantial share of Americans from reaping the benefits of a booming market.

Less than half of Americans in the bottom half of wealth distribution said they had a retirement account, which includes IRAs, 401(k)s or similar.

In a 2019 study from Fidelity Investments, the average 401(k) balance increased 1% between the first quarters of 2018 and 2019.

That followed 8% growth between the first quarters of 2017 and 2018, far below the double-digit increases Trump referred to in his address.