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American Middle Class


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The presumptive Democratic candidate Joe Biden called for an end of the era of shareholder capitalism last week. He said, “I’ll be laser-focused on working families, the middle-class families I came from here in Scranton.  Not the wealthy investor class. They don’t need me.”

It has been a long belief that it’s only a small percentage of Americans who own stock.  There are multiple ways that Americans can own shares.  They can own individual stocks in their Robinhood brokerage account, and exchange-traded funds (ETFs) or mutual funds inside their 401(k) or any retirement savings accounts.

Mr. Biden’s statement suggests that the working and middle-class families don’t have any exposure to the market’s financial risks and rewards. To test the democratic candidate’s suggestion, we review the stock ownership of the ten biggest companies in America based on revenues:


Wal-Mart is the most dominant retailer in the world.  The company’s economic strength allows it to compete with Amazon on a one-for-one basis. Wal-Mart’s stock last closed at $131.74.  If you want to become part of the owner of Wal-Mart and you have at least $132 in your pocket, you can.

In 2019, Wal-Mart’s revenues were nearly $515 billion, more half-a-trillion dollars in revenues.

Who Owns Wal-Mart

Top 5 Funds


Top 5 Institutions

How about the Waltons’

The 5 Waltons’, the sons, grandson, and the in-law of Wal-Mart founder Sam Walton are worth more than $180 billion combined, according to Forbes.  The Walton family via the Walton Family Holdings Trust, the Walton Enterprises LLC, and other individual stakeholders do own a majority of Wal-Mart’s shares. is the disruptor.  The company’s operational efficiency has allowed it to enter markets with the highest barriers to entry, including streaming, cloud computing, and supermarket. Amazon’s stock last closed at $2,961.97. Investors are paying a ridiculous premium for the company’s long-term cash flow potential.  If you want to become part of the owner of and you have at least $2,961.97 in your pocket, you can.

In 2019, Revenues were nearly $281 billion.

Who Owns

Top 5 Funds


Top 5 Institutions 


How About Jeffrey Bezos

Jeff Bezos is the wealthiest person on earth. His 11.1% of outstanding shares in is near twice the percentage of the top 5 funds holdings.

Exxon Mobil

Exxon Mobil is the highest-quality integrated firms. Oil price went negative back in April, but Exxon leaned on its contingency plans.  Exxon Mobil’s stock last closed at $43.52.  If you want to become part of the owner of Exxon Mobil and you have at least $44 in your pocket, you can.

In 2019, Exxon Mobil’s Revenues were nearly $256 billion.

Who Owns Exxon Mobil

Top 5 Funds

Top 5 Institutions


Consumers across the globe love this multinational technology company sleek, intuitive, and appealing device.  They often wait in line for hours at Apple retail stores for the arrival of new products. Apple’s stock last closed at $385.31.  If you want to become part of the owner of Apple and you have about $400 in your pocket, you can.

In 2019, Apple’s revenues were nearly $261 billion.

Who Owns Exxon Mobil

Top 5 Funds

Top 5 Institutions


CVS Health is a customer-centric health company. It has nearly 10,000 stores throughout the United States.  It provides excellent and convenient healthcare services to its customers.  CVS Health’s stock last closed at $65.36.  In 2019, CVS Health’s revenues were nearly $257 billion.

Who Owns CVS Health

Top 5 Funds

Top 5 Institutions

Berkshire Hathaway

Berkshire Hathaway is a well-diversified conglomerate with numerous holding companies, including GEICO insurance, Dairy Queen, Duracell, and many more. The company is also amongst the top 5 institutional investors in countless big firms.

Berkshire Hathaway’s Class A & B stocks last closed at $286,140 and $190.76, respectively.  The class B stock carries lower voting rights as well, but it allows people who don’t have access to $300,000 to be part-owner of the firm.    In 2019, Berkshire Hathaway’s revenues were nearly $327.22 billion.

Who Owns Berkshire Hathaway

Top 5 Funds

Top 5 Institutions

How about Warren Buffet

Combining his class A & B shares, Warren Buffet owns about 16% of Berkshire Hathaway.

UnitedHealth Group

UnitedHealth Group It is the largest healthcare company in the world by revenue.  UnitedHealthcare, the largest private health insurer, OptumHealth, a large service provider, OptumInsight, a healthcare analytics franchise, and other subsidiaries are all part of the Group.

UnitedHealth Group’s stock last closed at $306.53.  In 2019, UnitedHealth Group’s revenues were nearly $241 billion.

Who Owns UnitedHealth Group

Top 5 Funds

Top 5 Institutions


McKesson is the largest and oldest global pharmaceutical and medical distributor with 27 distribution centers, three redistribution centers, and two repackaging facilities serving customers across the 50 states, Puerto Rico, Europe, and Canada.

McKesson’s stock last closed at $154.81.  In 2019, McKesson’s revenues were $231 billion.

Who Owns McKesson

Top 5 Funds

Top 5 Institutions


AT&T was one of the 10 biggest companies in America before the mega acquisitiion. It bought Time Warner for $85 billion a couple of years.  Now, the company has nearly 100 subsidiaries, including DIRECTV, Home Box Office (HBO), and Warner Bros. Pictures.

AT&T’s stock last closed at $30.25.  In 2019, AT&A’s revenues were $181 billion.

Who Owns AT&T

Top 5 Funds

Top 5 Institutions


AmerisourceBergen is a massive drug wholesale company. It connects its manufacturer partners to sites of care, including healthcare systems, physician practices and clinics, pharmacies, and many more. AmerisourceBergen’s stock last closed at $104.45.  In 2019, AmerisourceBergen’s revenues were nearly $180 billion.

Who Owns AmerisourceBergen

Top 5 Funds

Top 5 Institutions

In Conclusion

Mr. Biden’s statement is a half-truth. The wealthy Americans have a higher exposure to market financial risks. As a result, they reap greater rewards.  However, as the Morningstar‘s screenshots show, institutions own a significant percentage of those ten biggest companies’ stocks.  Those funds are inside the 401(k), 403(b), or individual retirement accounts (IRAs) of all Americans, including the working and middle-class families.


Senior Accounting & Finance Professional|Lifehacker|Amateur Oenophile

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