It's not enough to just have the direction be right. The markets are up, sure, so yes all my STEM friends are also "up" in a strictly directional sense with respect specifically to their bank/brokerage assets.

The gist of it is that if the stock market goes up X% and generates a billion dollars of capital gains, the percentage of that billion that Joe Schmoe gets is vanishingly small compared to Buffet or Bezos or Gates. Sure everyone is up, but most of the gains went to those that already have the most (by definition, since that's how capital gains works, yknow).