Historic record of inequality in the US. Is the stock market to blame?

Wealth inequality in the US has reached its highest level in over 30 years, and Federal Reserve data confirm the persistence of the so-called K-shaped economy. Wealthy households and selected sectors are getting richer quickly, while people on low and middle incomes are left behind.

Inglorious records

According to CBS News, in the third quarter of 2025, 1 percent the richest households were controlled by 31.7 percent. all the wealth of the country. According to CBS News, “This is the largest discrepancy since measurements began in 1989.recorded despite the slowdown in the growth of the wealth of the rest of society.” The station reported that in total this group had assets worth approximately $55 trillion, which is almost as much as the accumulated wealth of 90 percent of the poorest Americans.

It was emphasized that disproportions are also visible in consumption. In the second quarter of 2025 10 percent top earners accounted for almost half of all US consumer spending.

“Household wealth is highly concentrated and this process is continuing,” Mark Zandi, chief economist at Moody's Analytics (a company that provides specialized financial analysis and risk management tools), told CBS News. He emphasized that although the trend has been growing for decades, it has gained strength especially after the pandemic.

The boom as a cause of inequality?

According to the expert, one of the main factors deepening inequality is the boom in the stock market. It benefits primarily wealthy Americans, because securities constitute the largest part of their wealth in their portfolios. According to Gallup data, 87 percent share holders are people from households with income exceeding PLN 100,000. dollars per year.

In turn, middle-income households invest their capital mainly in real estate, the prices of which are currently growing more slowly. At the same time, Americans with the lowest wages are struggling with increasing debt.

The problem of wages

Uneven wage growth further deepens these differences. Data from Bank of America shows that in December 2025, the wages of the highest earners increased by 3%, while in the middle and low-income groups the increase was 1.5%, respectively. and 1.1 percent

At the same time, a report published this week by Oxfam International (an international humanitarian organization fighting hunger and poverty) indicates that in 2025 the fortunes of billionaires grew three times faster than on average in the previous five years. As OI emphasizes, this phenomenon is another confirmation of the growing global social stratification.

Andrzej Dobrowolski from New York (PAP)

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