Here’s the Bank of England on the impact of quantitative easing:
By pushing up a range of asset prices [such as equities and bonds], asset purchases have boosted the value of households’ financial wealth held outside pension funds, although holdings are heavily skewed with the top 5% of households holding 40% of these assets.
(via the Guardian)
Savers (including those with very little wealth) have lost out, while bondholders (ie, those with very much, for the most part) have benefited. Quantitative easing looks like the financial equivalent of a neutron bomb. It wipes out the little people while leaving the people who matter unscathed.
(Oh, and It has the added advantage of feeding commission income to the financial sector.)