Efforts by the Federal Reserve Board to boost the U.S. economy through quantitative easing programs mostly benefit stock markets, and the wealthy, notes BCA Research.

In a new research note, BCA observes that asset prices do not respond in the same way to quantitative easing. “Unfortunately, in the aftermath of structural housing busts, central bank action simply cannot generate a strong rebound in house prices. But it can trigger big rallies in stock prices,” it says.

Indeed, it reports that the real estate assets of U.S. households are still languishing at $16 trillion, down sharply from $23 trillion in 2007.

But, BCA says, the Fed’s quantitative easing programs have helped households’ stock market wealth bounce back to $21 trillion, which is close to an all-time high. And this, it notes, primarily benefits wealthy households. “Importantly, the movement in stock prices relative to house prices is an excellent gauge of wealth polarization, and hence the relative strength of top-end versus mainstream consumer spending,” it says. “Recent policy decisions from five of the world’s major central banks will continue to support the top-end spender more than the average spender.”

As a result, it concludes, “We recommend staying overweight luxury products and services equities, especially as valuations still appear very reasonable.”