As prices rise and wages stay stagnant, Americans are being more cautious about what they spend their hard-earned money on — except for those who earn the most.
The top 10% of earners in the United States — households making a combined annual income of $250,000 or more — are spending more, bolstered by stock market gains and returns on real estate investment, The Wall Street Journal reports. According to an analysis by economic research firm Moody’s, those consumers account for 49.7% of all spending in the U.S., a record high in three decades.
