Who Benefits from QE?

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?