By most measures, six-figure earners are the elite of America’s workforce. People making more than $100,000 a year were the most likely to survive the mass layoffs early in the pandemic and, when work returned, most likely to be able to work remotely, saving themselves exposure to COVID-19 and the time and money spent commuting. And that’s on top of the typically higher income security enjoyed by this income bracket.
Now, however, cracks are showing in the top 25% of the income distribution, according to recent research from Bank of America—raising the possibility that a much-feared “richcession” could be around the corner if the wealthy don’t cheer up.
