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原文標題：The wealth of the top 1% reaches a record $52 trillion
原文連結：https://tinyurl.com/mtzsdr44
發布時間：Published Fri, Oct 3 20258:30 AM EDT
記者署名：Robert Frank
原文內容：

The top 10% of Americans added $5 trillion to their wealth in the second
quarter as the stock market rally continued to benefit the biggest investors,
according to new data from the Federal Reserve.
根據美聯儲最新數據，美國前 10% 的富裕群體在第二季度增加了 5 兆美元的財富，原因
是股市的持續反彈繼續讓最大投資者受益。

The total wealth of the top 10% — or those with a net worth of more than $2
million — reached a record $113 trillion in the second quarter, up from $108
trillion in the first quarter, according to the Fed. The increase follows
three years of continued growth for those at the top, with the top 10% adding
over $40 trillion to their wealth since 2020.


All wealth groups saw gains over the past year, with the net worth of the
bottom half of Americans increasing 6% over the past 12 months, according to
the Fed data. Yet the growth has been fastest for those at the very top. The
top 1% have seen their wealth increase by $4 trillion over the past year, an
increase of 7%. Their wealth hit a record $52 trillion in the second quarter.
根據美聯儲數據，過去一年所有財富群體都有增長，美國底層 50% 的人口淨資產在過去
12 個月內上升了 6%。然而，財富增長最快的仍是頂層。最富有的 1% 在過去一年增加了
 4 兆美元，增幅達 7%，使他們的財富在第二季度達到創紀錄的 52 兆美元。

The top 0.1% saw their wealth grow by 10% over the past year. Since the
pandemic, the top 0.1%, or those with a net worth of at least $46 million,
have seen their total wealth nearly double to over $23 trillion.
頂層 0.1% 的財富在過去一年成長了 10%。自疫情以來，這一群體（淨資產至少 4600 萬
美元）總財富幾乎翻倍，超過 23 兆美元。

Despite the recent faster growth at the top, the total shares of wealth held
by the upper echelon has remained fairly stable for decades. The top 1% held
29% of total household wealth in the second quarter, compared with 28% in 2000
. The top 10% held 67% of total household wealth in the quarter while the
bottom 90% held 33%.


The biggest driver of wealth gains at the top this year has been the stock
market. The value of the corporate equities and mutual fund shares held by the
 top 10% increased from $39 trillion to over $44 trillion over the past year.
The top 10% of Americans hold over 87% of corporate equities and mutual fund
shares.


The population of the ultra-wealthy is also growing rapidly. The number of
ultra-high-net-worth Americans, or those worth $30 million or more, grew 6.5%
in the first half of 2025, after surging 21% last year, according to a new
report from Altrata. There are now 208,090 ultra-high-net-worth individuals in
 the U.S., accounting for 41% of the world’s total.


The surging wealth at the top has created an increasingly bifurcated consumer
economy, with the wealthy accounting for a growing share of overall spending.
Consumers in the top 10% of the income distribution accounted for 49.2% of
consumer spending in the second quarter, marking the highest level since data
started being compiled in 1989, according to Mark Zandi at Moody’s Analytics.


The so-called “K-shaped economy” has performed well so far, at least
according to broad economic measures such as GDP and consumption. Yet the
growing dependence on a small sliver of consumers at the top carries risks.
所謂的「K 型經濟」迄今表現不錯，至少從 GDP 和消費等宏觀數據來看如此。然而，過
度依賴頂層少數消費者卻潛藏風險。

Zandi said a deep and prolonged decline in the stock market, which is driving
almost all of the wealth gains at the top, could send wider ripples through
the economy.
Zandi 表示，如果股市出現深度且持續的下跌（這幾乎是推動頂層財富增長的唯一來源）
，可能會對整體經濟帶來更廣泛的衝擊。

“The economy is being powered in big part by the spending of the
extraordinarily well-to-do, who are cheered by the surging value of their
stock portfolios,” he said. “If the richly (over) valued stock market were
to stumble, for whatever reason, and the well-to-do see more red on their
stock tickers than green, they will quickly turn more cautious in their
spending, posing a serious threat to the already fragile economy.”


心得/評論：

美國
最富有的 1% 財富達 52 兆美元，占家庭財富 29%。

前 10% 財富總額達 113 兆美元，占 67%。

底層 90% 僅持有 33%。

成長驅動主要來自股市上漲
前10%擁有87%的股票與基金
前10%的消費支出占49.2% 創歷史新高

K 型經濟K-shaped economy
上半部 快速復甦向上 ↗
下半部 持續惡化     ↘

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※ 作者: TyuzuChou 2025-10-04 09:15:00
※ 文章代碼(AID): #1eu7KMKZ (Stock)
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