Who Benefits from QE?

Via Money Supply at the FT, who benefits from QE?:

The rich. That’s according to a Bank of England study, out today, on the distributional effects of quantitative easing.

This from the research:

By pushing up a range of asset prices, asset purchases have boosted the value of households’ financial wealth held outside pension funds, but holdings are heavily skewed with the top 5 per cent of households holding 40 per cent of these assets.

This is not a piece of research that the Bank will have welcomed having to publish, keen as it is to avoid criticism for favouring one group of society over another. But it has been forced to by a fierce debate ... about the impact of the Bank’s money-printing on pensioners and those who are just about to retire. ...

The Bank acknowledges that by pushing down on gilt yields, QE has reduced the annuity rate. However, it also claims the policy has raised the value of bonds and equities held in pension pots. Home-owning pensioners – especially the wealthier among them – are among the big winners from QE and the Bank’s ultra-low interest rates. It is the young and others with few assets who have gained the least from the Monetary Policy Committee’s money printing.

It trickles down, right?