Wealthiest 0.1% Gain $6 Trillion, Control 13.8% of US Wealth

The latest data from the Federal Reserve reveals a stark disparity in wealth distribution across the United States. As of the end of 2024, the wealthiest half of American households control approximately 97.5% of the nation's total wealth, while the remaining half holds just 2.5%.

During the presidency of Joe Biden, the wealth share of the bottom 50% of households slightly increased from 2.2% to 2.5%. By the end of last year, this group, comprising 66.6 million households, collectively held around $4 trillion in net worth, an increase of $1.25 trillion from four years prior.

The top 0.1% of households, numbering around 133,000, saw their net worth surge by over $6 trillion during the same period. This significant increase was primarily driven by the soaring value of corporate stocks and mutual fund shares. This elite group owns roughly a quarter of all U.S. stocks, with stocks accounting for nearly half of their wealth and privately held business shares making up about a fifth.

As one moves down the wealth ladder, the proportion of wealth held in real estate increases. By the end of the year, the wealthiest 0.1% of households saw their share of total wealth rise from 13% in 2020 to a record high of 13.8%. In mid-2022, the bottom 50% of households reached their highest wealth share since 1989, at 2.7%, before declining to 2.5%.

Over the past four years, the group experiencing a decline in wealth share are those in the 90th to 99th percentiles. Their wealth share decreased by 2.4 percentage points. This shift highlights the growing concentration of wealth at the very top of the economic spectrum, while the middle and lower tiers see relatively modest gains or even losses.