Fat Cat Oil Shareholders? No, "Broadly Middle-Class"
According to the study "The Distribution of Ownership of U.S. Oil and Natural Gas Companies," authored by Robert J. Shapiro and Nam D. Pham of Sonecon:
The data suggest that ownership of oil and natural gas company shares is broadly middle-class.
1. 42.7% are owned or held by mutual funds and other asset management companies that have mutual funds. Mutual funds manage accounts for 55 million U.S. households with a median income of $68,7006, and the owners of mutual funds include 16% of households with incomes of $25,000 or less.
2. 27% of oil and natural gas company shares are held in private and public pension funds, and these funds manage assets, directly or indirectly, on behalf of 129 million pension-fund participants whose accounts have an average value of $62,280.
3. 14% of oil and natural gas company shares are held in IRA-type retirement accounts with an average value of $22,465, owned by 45 million Americans.