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.
Slow and steady. Major cities don’t pop up overnight anywhere.
You need to be willing to appreciate a more modest lifestyle and perhaps make less money overall in the process, though. I don’t expect you to give up your entitlement to luxuries and you’ll look for any argument to justify why you deserve more while others have less.