Data gathered by Buyshare indicates that the top five investment companies cumulative assets accounted for 85.44% of the US Gross Domestic Product. According to the data, the current US GDP stands at $21.5tn.
Fidelity leads in assets
The data shows that Fidelity has the highest assets at $8.3tn, representing 38.6% of the GDP. Charles Schwab is second with assets worth $4.05tn or 18.84% of the United States GDP. Morgan Stanley’s current assets account for 14.41% at $3.10tn. Wells Fargo is fourth with $1.6tn in assets representing 7.4% of the current United States GDP. TD Ameritrade has the fifth-highest assets at $1.32tn or 6.1% of the GDP.
Cumulatively, the assets amount to $18.37tn or 85.44% of the US GDP as of the first quarter of 2020.
Buyshares.co.uk’s research also overviewed the United States Gross Domestic Product from the first quarter of 2019 to the first quarter of 2020. The GDP fell in the first quarter of 2020 to $21.53tn by 0.89% from $21.72tn recorded in the fourth quarter of 2019.
In the first quarter of 2019, the GDP stood at $21.09tn and rose to $21.34tn in the next quarter. By the third quarter, the GDP rose by 0.9% to $21.54tn in the next quarter.
The Buyshares.co.uk report highlighted the impact of the Covid-19 crisis on the US economy. According to the research report: “The drop in the United States GDP in the first quarter of this year can be attributed to the effects of the coronavirus pandemic. The pandemic has resulted in a human and economic hardship across the United States. For example, from mid-March, over 26 million Americans filed for unemployment with the US witnessing historic declines in business activity and consumer confidence.”
The economy has begun to show signs of recovery after the Federal Reserve intervened with stimulus packages and support for businesses. Already, the stock market is showing signs of recovery after hitting historical lows.