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.
Their underperformance is a higher savings/investing rate that leads to a greater wealth disparity long term. This is why redistribution (through taxes or other means) is so importantly to balance the scales.
But as other commenter’s have pointed out, my target would be billionaires not doctors and lawyers.
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.”
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.