The wealth of the top 1% reaches a record $52 trillion

The wealth gap in the United States has continued to grow, with the top 10% of Americans adding a staggering $5 trillion to their wealth in the second quarter of this year. This increase is largely due to the ongoing stock market rally, which has benefited the biggest investors. According to data from the Federal Reserve, the total wealth of the top 10% – those with a net worth of over $2 million – reached a record $113 trillion in the second quarter, up from $108 trillion in the first quarter.

This growth is part of a larger trend, with the top 10% adding over $40 trillion to their wealth since 2020. While all wealth groups have seen gains over the past year, the growth has been fastest for those at the very top. The top 1% have seen their wealth increase by $4 trillion over the past year, an increase of 7%, with their wealth hitting a record $52 trillion in the second quarter. The top 0.1% have seen their wealth grow by 10% over the past year, with their total wealth nearly doubling to over $23 trillion since the pandemic.

Wealth Distribution and the Economy

Despite the recent faster growth at the top, the total shares of wealth held by the upper echelon have remained fairly stable for decades. The top 1% held 29% of total household wealth in the second quarter, compared to 28% in 2000. The top 10% held 67% of total household wealth in the quarter, while the bottom 90% held 33%. This distribution of wealth has significant implications for the economy, as the wealthy account for a growing share of overall spending.

The stock market has been the biggest driver of wealth gains at the top this year, with the value of corporate equities and mutual fund shares held by the top 10% increasing from $39 trillion to over $44 trillion over the past year. The top 10% of Americans hold over 87% of corporate equities and mutual fund shares, further concentrating their wealth. This concentration of wealth has created an increasingly bifurcated consumer economy, with the wealthy accounting for a growing share of overall spending.

The Growing Population of Ultra-Wealthy Individuals

The population of ultra-wealthy individuals is also growing rapidly, with the number of ultra-high-net-worth Americans – those worth $30 million or more – growing 6.5% in the first half of 2025. This follows a surge of 21% last year, according to a report from Altrata. There are now 208,090 ultra-high-net-worth individuals in the U.S., accounting for 41% of the world’s total. This growing population of ultra-wealthy individuals is likely to have significant implications for the economy and society as a whole.

The surging wealth at the top has created a “K-shaped economy,” where the wealthy are driving economic growth through their spending. However, this growth is precarious and dependent on the continued performance of the stock market. According to Mark Zandi at Moody’s Analytics, a deep and prolonged decline in the stock market could send wider ripples through the economy, as the wealthy reduce their spending. This highlights the risks of an economy that is increasingly dependent on the wealth and spending of a small elite.