Hardly a day goes by without President Trump tweet-bragging about the relentless rise of the stock market to fresh record highs — Exhibit A in his mind about how he is, indeed, making America great again.

But, while strong equity markets are certainly a Good Thing, let’s not forget that, like so many effects of Mr. Trump’s policies, those higher share prices are propelled upward in considerable measure by the new president’s pro-business policies and benefit the wealthy far more than the average American.

The unsurprising reality is that the rich are far more likely to hold stocks, and when they do, they own them in much larger chunks than their less-well-off brethren.