The wealth of American scrooges reaches 44,600 billion. The wealth of the top 1% of Americans reached a record $44.6 trillion in the fourth quarter of 2023.
All the gains have come from stock holdings thanks to the year-end rally, and economists say the stock market rally is providing a further boost to consumer spending through what's known as the "wealth effect," says Mark Zandi, chief economist at Moody's Analytics. “Of course, this highlights a vulnerability of the economy should the stockMarket falter,” he added.