31.9% of U.S. wealth was held by the top 1% at the end of 2025, the highest Federal Reserve reading since records began in 1989 and up from 22.5% in 1990.
55.9 trillion dollars is now concentrated in roughly 1.4 million households with at least $12 million in net worth, while the bottom 50% spans 67.7 million households with less than $264,000.
Stock-market gains, rising business profits and asset inflation drove much of the increase, economists said, while inflation squeezed middle- and lower-income households more than wealthy consumers.
Trump's tax cuts and broader pro-business policies are expected to widen the gap further, with one analysis finding the tariffs-and-tax package helps top earners most and hurts 70% of households through 2034.
At least a dozen states have proposed new taxes on the wealthy, including a California ballot measure that could raise nearly $101 billion from a one-time levy on billionaires.