The top 1% of earners now have more wealth than the entire middle class.
byu/TonyLiberty inFluentInFinance
Every rate cut will continue to drive the share up.
This is incredible:
The share of the top 10% of US consumers now account for 49.2% of all consumer spending, the highest level in data dating back to 1989.
By comparison, this share was 43.2% in Q4 2019.
Over the last 3 decades, this percentage has risen 13 points.
Consumer… pic.twitter.com/IUGM3vrOBB
— The Kobeissi Letter (@KobeissiLetter) September 18, 2025