New calculations by Edward Wolff, the New York University economist and an expert on U.S. wealth statistics, show that the top 1% actually held onto its share of national wealth in the crisis, and may have even gained a bit.

According to his analysis, the top 1% held 34.6% of all national wealth in 2007. By Dec. 31, 2009, they held 35.6%.

Meanwhile, share of national wealth held by the bottom 90% fell to 25% from 27%.

The reason is that the wealthy benefited disproportionately from the rebound in financial markets. Their wealth generally is mostly in stocks and businesses, the values of which have surged since the depths of the crisis.

Real estate, which accounts for the bulk of household wealth for the nonrich, hasn’t recovered. From 2007 through the end of 2009, owner-occupied homes fell 26% in value, while other real estate also fell 26%. Yet stocks fell only 24%, while other financial securities shed 14%.

The rich, in other words, suffered a smaller percentage decline than did the bottom 90%.

The question now is what will happen to inequality when economic growth resumes. Will it go even higher?