From the Wall Street Journal: “The risk is that the U.S. economy becomes increasingly dependent on a narrow group of very rich households, whose spending is tied to the performance of the stock market. This could mean the entire economy pays a steep price in the next market correction. …

“Data from the Federal Reserve shows that only the richest 1% of households have grown their share of overall U.S. wealth since 1990. Their share hit a record 32% in the third quarter of 2025, equivalent to $54.8 trillion.

“Gains made by the billionaire class, the very top 0.1% of households and a subset of the 1%, have eclipsed the merely extremely rich. This group’s share of U.S. net wealth has risen nearly 6 percentage points to 14.4% since 1990.”

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