A small group of publicly traded companies generated nearly all stock market wealth over the past 100 years, while more than 96 percent of stocks failed to outperform one-month US Treasury bills over the long term, according to a study by Arizona State University finance professor Hendrik Bessembinder, as reported by The New York Times.

The study found that technology companies dominated long-term wealth creation, led by Apple, Nvidia and Microsoft. Tesla now ranks among the top 10 wealth creators over the last century, while SpaceX briefly entered the all-time top 30 following its public debut before falling out after its share price declined, the report said. The findings highlight how a handful of companies have driven a disproportionate share of investor returns. The New York Times noted that the top 10 companies now account for 29 percent of total stock market wealth created since 1926.