Wealthiest 10% of Americans drive record 49.2% of consumer spending

The wealthiest 10% of American households, earning approximately $250,000 or more, accounted for 49.2% of total consumer spending in the second quarter of 2025. According to an analysis by Moody’s Analytics, this represents the highest share of consumption recorded since data collection began in 1989.

This trend highlights a growing economic divide within the United States. While many Americans face financial constraints, the top decile of earners continues to drive significant portions of the economy. Moody’s chief economist Mark Zandi estimated that the spending of this 10% group alone corresponds to nearly one-third of the total U.S. GDP.

Historically, this group’s share of spending was roughly 36% three decades ago, rising to 43% in 2020 and 46% in 2023. This concentration of spending power is partly attributed to asset growth, with the S&P 500 increasing 261% over the last decade, contributing to the widening gap between the wealthy minority and the average American.