Fed Data Show Top 1% Now Hold Record 31.7% of U.S. Wealth

New Federal Reserve figures for the third quarter of 2025 show the top 1% of American households now own 31.7% of all U.S. wealth, the highest share since the Fed began tracking these data in 1989, with about $55 trillion in assets roughly equaling the combined wealth of the bottom 90%. Economist Mark Zandi tells CBS the data confirm that household wealth is "highly concentrated and becoming steadily more concentrated," a trend that has accelerated since the pandemic as stock-market gains linked to artificial intelligence disproportionately benefit higher‑income households. The top 10% of earners now account for nearly half of all U.S. consumer spending, while middle‑income families are more tied to housing markets where price gains are slowing and lower‑income Americans are burdened with rising debt. Separate Bank of America data cited in the piece show wage growth in December 2025 running at about 3% for higher‑income households, versus 1.5% for middle‑income and 1.1% for low‑income workers, underscoring how pay trends are widening the gap. An Oxfam report released the same week finds billionaire wealth worldwide is growing three times faster than in the prior five years, and the Bloomberg Billionaires Index now pegs Elon Musk’s net worth at $668 billion, sharpening political debates over tax, antitrust and economic policy as social media users highlight the stark disconnect between Wall Street gains and household stress.