Top 10% Wealth Surges to $113 Trillion in Q2 2025
The wealth of the top 10% of Americans, defined as those with net worth exceeding $2 million, climbed to a record $113 trillion in the second quarter of 2025. This marked a $5 trillion increase from the first quarter, continuing a multi-year trend of substantial wealth accumulation among the country’s wealthiest.
Since 2020, the top 10% have added over $40 trillion to their collective wealth, underscoring persistent growth at the upper echelons of the wealth spectrum.
Top 1% Wealth Reaches Unprecedented $52 Trillion
The wealthiest 1% of Americans have seen their net worth increase by $4 trillion over the past year, a 7% rise that brought their total wealth to an all-time high of $52 trillion in Q2 2025.
Within this group, the top 0.1%, those with at least $46 million in net worth, experienced even faster growth, with a 10% increase over the last year. Their total wealth nearly doubled since the pandemic, now exceeding $23 trillion.
Wealth Shares Among Top Groups Remain Stable Over Time
Despite rapid wealth growth at the top, the overall distribution of household wealth has remained relatively stable over the past two decades. The top 1% held 29% of total household wealth in Q2 2025, compared to 28% in 2000. Similarly, the top 10% controlled 67% of wealth, while the bottom 90% accounted for 33%.
Stock Market Rally Fuels Wealth Gains
The primary catalyst for the wealth surge among the richest Americans continues to be the stock market. The value of corporate equities and mutual fund shares held by the top 10% increased from $39 trillion to over $44 trillion in the past year.
Notably, the top 10% own more than 87% of all corporate equities and mutual fund shares, highlighting their disproportionate exposure to market gains.
Ultra-High-Net-Worth Population Expands Rapidly
The number of ultra-high-net-worth individuals in the U.S.—those worth $30 million or more—grew by 6.5% in the first half of 2025, following a 21% increase in 2024. The current population stands at 208,090, representing 41% of the global total.
Concentration of Consumer Spending at the Top
Consumer spending is increasingly concentrated among the wealthiest Americans. In Q2 2025, the top 10% of income earners accounted for 49.2% of total consumer expenditures—the highest share recorded since data collection began in 1989.
Risks of a K-Shaped Economic Recovery
The U.S. economy’s reliance on the affluent for spending growth creates vulnerabilities. Mark Zandi of Moody’s Analytics warned that a significant downturn in the stock market could sharply reduce spending among the wealthy, triggering broader economic repercussions.
“If the richly (over) valued stock market were to stumble, for whatever reason, and the well-to-do see more red on their stock tickers than green, they will quickly turn more cautious in their spending, posing a serious threat to the already fragile economy.”
— Mark Zandi, Moody’s AnalyticsFinOracleAI — Market View
The latest Federal Reserve data confirms that wealth concentration at the top continues to accelerate, primarily driven by stock market performance. The expansion of the ultra-wealthy demographic reinforces the growing economic influence of a relatively small segment of the population.
- Opportunities: Continued equity market gains could further boost wealth and consumer spending among the affluent, supporting GDP growth.
- Risks: Heavy economic dependence on the wealthy’s stock-driven spending creates vulnerability to market corrections.
- Rising wealth concentration may intensify socio-economic disparities and political pressures for wealth redistribution.
- Growth in ultra-high-net-worth individuals signals expanding luxury and investment markets.
Impact: The robust wealth growth among the top 1% sustains economic momentum but amplifies systemic risks linked to stock market volatility and consumer spending concentration.
