The top 10% of the population drive the economy more than the bottom 80% (the middle and working classes).

The headline GDP number can look healthy while the spending underneath it becomes increasingly concentrated. If nearly half of consumer spending is coming from the top 10%, the economy has become much more dependent on what happens to wealthy households and their asset values.

Nowadays, working and middle class do not contribute that much to economy!

The top 10% of income earners account for almost 50% of U.S. consumer spending, while the bottom 80% account for less than 50%.

In short: the top 10% of the population drive the economy more than the… pic.twitter.com/ALthTDLDr1

— Data Driven Stocks (@stockdatamarket) October 1, 2026

Americans spent 0.9% more in August while the savings rate fell to 4.1%

https://www.bea.gov/data/income-saving/personal-income

The latest BEA data show consumer spending jumped 0.9% in August, after only 0.1% growth in July. But disposable personal income rose just 0.4%, and the personal saving rate fell to 4.1%.

The Washington Post reported that income growth was even weaker on its preferred measure, with personal income up only 0.2%, while spending jumped 0.9%. The savings rate is now near its lowest level in almost four years.

That creates an unusual combination: aggregate spending is still rising while household financial room is getting thinner.

High-income Americans are increasingly moving investment money into checking accounts

https://finance.yahoo.com/economy/articles/heres-high-income-americans-keep-093032700.html

JPMorgan Chase Institute found that the share of people transferring money from investment accounts into checking accounts nearly quadrupled from 2.4% in 2015 to 8.2% in 2026.

Among the top 10% of earners, the share doing this rose from 6.6% to 20.3%.

That matters because the wealthy have a much larger pool of financial assets to draw from. The same analysis says the top 10% now account for roughly 45.5% of consumer spending, while the top 20% account for roughly 60%, according to Moody’s.

So the story is moving beyond income. Asset wealth is increasingly functioning as spending power.

Household wealth jumps $12.8 trillion in one quarter

https://www.reuters.com/commentary/reuters-open-interest/move-over-real-estate-wall-st-now-drives-us-spending-mcgeever-2026-09-16/

Federal Reserve data showed U.S. household net worth jumped $12.8 trillion in Q2, reaching roughly $196 trillion.

The striking part was where the increase came from: household equity holdings rose by $10.7 trillion.

Reuters notes that stocks now represent a larger share of household financial assets than real estate, with the gains heavily concentrated among wealthier households.

That creates a direct link between Wall Street and Main Street consumption:

stock gains → higher household wealth → investment withdrawals → consumer spending.

If the stock market stops delivering those gains, the spending engine could lose one of its sources of fuel.