Wealthy Americans Are Tapping Stock Market Gains to Keep Spending

America's wealthiest families are keeping the economy afloat in these tough times. How are these high-income Americans able to keep spending as wages remain stagnant and costs continue to skyrocket? The answer lies in the stock market.

Robust Investment Accounts Keep Wealthy Americans Spending

Affluent Americans are leaning on their investment accounts to keep up with their spending needs, leveraging their stocks to support their lifestyle. Massive stock market gains over the last few years have given many families an extra layer of financial security even when most of the nation is struggling.

According to a new report from the JPMorganChase Institute, the percentage of Americans transferring money from investment accounts to checking accounts has almost quadrupled since 2015, jumping from 2.4% to 8.2%. The analysts examined account activity between February and April in each of the past 11 years, looking at checking account data for over 20 million Chase customers.

The report also observed that the top 10% of earners pulled their money from investment accounts to put into checking at even higher levels, rising from 6.6% in 2015 to 20.3% in 2026. The report noted that wealthy Americans over the age of 65 "are leading the rise, but withdrawals have increased across all age and income groups.”

The analysis is in line with other data points that signal the emergence of a K-shaped economy. This type of trend is distinguished by high-income Americans increasing their wealth as low-income families fall further behind. Most middle-income and lower-income households lean on income by working. This demographic does not have the luxury of leaning on their stock portfolio for spending needs.

This is troubling, as hourly earnings, when inflation has been accounted for, fell by 0.3% between August 2025 and the prior year. Real income growth has been stagnant for quite some time, making it more difficult for everyday Americans to keep up with inflation.

Just as wages are flat, household debt is hovering at record highs and savings accounts are being depleted. As such, it is no surprise that consumer sentiment is trending low.

While everyday Americans struggle to keep up, wealthy Americans are still spending. New data from Moody's Analytics shows that the top 10% of earners are now responsible for almost half of all consumer spending in the U.S. Mark Zandi, chief economist at Moody's, reported that the top 10% accounted for roughly 45.5% of total spending in the first quarter of the year. Continuing this trajectory, the top 20% of earners accounted for about 60% of the spending.

Both of these figures are near record highs, amplifying the fact that the country's economic growth is becoming increasingly dependent on its highest income earners. "The well-to-do are doing very well and thus spending with gusto and providing the key tailwind to economic growth," Zandi said.

The Moody report also observed that the older demographic tends to spend more. Americans age 55 and older accounted for 46% of the spending in the first quarter of 2026. The fact that older Americans are also more financially secure helps to explain this data point.

Surging Stock Market Driving Wealth Gap

A surging stock market since the COVID-19 pandemic has been the driving force behind America's wealthiest families becoming more affluent. Total household net worth jumped $13 trillion to hit $196 trillion in the second quarter of 2026, according to reports from the Federal Reserve. Likewise, stocks increased $10.7 trillion from the first quarter of the year to the second.

The top 10% of earners in the country now control 69% of the wealth, largely due to explosive stock gains. This stock wealth is fueling consumer spending even as the economy sputters along.

It is easy to understand that older and wealthier households are more likely to enjoy stock assets. The average stockholder that is in the top 10% of income owned $1.1 million in stock during the third quarter of 2025. This is up from $624,000 at the end of 2022, when the nation was still coming out of the financial disaster left in the wake of the pandemic.

The JPMorganChase study also found that the country's oldest and wealthiest families are more likely to leverage their investment accounts to support their spending habits. For instance, the percentage of top earners over the age of 65 who drew from their investments increased from 24% in 2019 to 37% in 2026.

The increase in the stock market has helped top earners avoid feeling strapped for cash. Federal data indicates that consumer prices have skyrocketed by about 30% since 2020. While wealthy Americans earning money in the markets can weather these rising costs, lower-income Americans are not in that favorable position.

Although markets have been relatively steady, stocks have been showing more signs of cracking in recent months. The worry now is that the economy could struggle even more if America's wealthiest households get nervous and stop spending.

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