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.
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.