The American economy has become increasingly reliant on the wealthiest individuals to drive growth, marking a dramatic shift in spending patterns. While inflation and rising costs have forced middle-class and working-class families to cut back, the top 10% of earners are spending at record levels. New data from Moody’s Analytics and Bank of America reveals that these high-income individuals, those earning $250,000 or more annually, are responsible for nearly half of all consumer spending nationwide—a stark contrast to historical trends.
This growing disparity raises crucial questions: How sustainable is an economy fueled by the wealthy? What happens if high earners pull back on spending? As economic inequality deepens, the implications for financial markets, policy decisions, and long-term growth are becoming harder to ignore.
The Wealthy Are Driving Economic Growth More Than Ever
New reports highlight a major shift in spending power across income groups:
✔ The top 10% of earners now account for 49.7% of all consumer spending—a historic high that surpasses levels seen in the 1990s.
✔ Three decades ago, this group was responsible for just 36% of spending, demonstrating a clear shift in economic reliance.
✔ The wealthiest Americans contribute nearly one-third of the country’s GDP, reflecting their outsized impact on economic stability.