On a relative and even absolute basis the wealthy will lose substantially more money.
On a personal quality of life basis the middle class will get hit the hardest. It will impact retirement timelines, vacations, home renovations, car purchases, etc. seeing their 401k go down will make them feel poorer and want to save more and thus reduce their discretionary spending and reducing the amount of fun and entertainment they enjoy.
On a personal quality of life basis the middle class will get hit the hardest. It will impact retirement timelines, vacations, home renovations, car purchases, etc. seeing their 401k go down will make them feel poorer and want to save more and thus reduce their discretionary spending and reducing the amount of fun and entertainment they enjoy.