The top 10% of earners—households making about $250,000 a year or more—are splurging on everything from vacations to designer handbags, buoyed by big gains in stocks, real estate and other assets.
Those consumers now account for 49.7% of all spending, a record in data going back to 1989, according to an analysis by Moody’s Analytics. Three decades ago, they accounted for about 36%.
The top-level post uses a gift link. When it runs out, there is an archived copy of the article.
The highest earning 10% also have about 67% of the wealth, so they are actually underperforming compared to the rest of the population. It’s just that they have all the money.
They always do, which is a big part of why the “FairTax[sic]” is such a scam.
And by “always,” I mean literally without exception, because the difference between the working class and owner class is defined by it.
Thanks for the number, do you have a link where you got it from? I suspected something like this might be the case, but I couldn’t find a source easily online.
Here: https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/
I switched the table to Shares (%) and added up the latest values of the first 3 columns.
Just passing a bunch of money around at the top.
What’s funny is, I guarantee all of these people will say without flinching, “I need more money.”