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过去40年间美国财富分配的变化
How America's Wealth Distribution Has Changed Over The Last 40 Years

原始链接: https://www.zerohedge.com/personal-finance/how-americas-wealth-distribution-has-changed-over-last-40-years

根据美联储《分配财务账户》（Distributional Financial Accounts）的数据显示，1989年至2025年间，美国家庭财富发生了显著变化，最富有群体与其他人群之间的贫富差距不断扩大。 排名前1%的家庭所占财富总额的比例大幅增长，从22.8%升至31.9%。这一增长主要得益于他们对股票和企业的持有，这些资产的历史表现优于其他投资。相比之下，在过去36年中，其他各阶层的相对财富份额均有所下降。 排名在前1%之外的家庭主要依赖房屋净值，但其升值速度低于金融市场。这种差异使得中低收入群体更容易受到市场波动的影响；例如，2008年的房地产崩盘对底层50%家庭的财富造成了不成比例的毁灭性打击。中上层40%（即第50至90百分位之间）的群体财富份额流失最为严重，从35.7%降至29.2%。最终，这些数据凸显了长期市场趋势如何偏袒那些拥有大量金融资产的人，而依赖房地产的人群则难以跟上增长步伐。

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原文

Wealth reflects the value of everything households own, including homes, stocks, businesses, and savings, minus what they owe.

Because different wealth groups own very different mixes of assets, long-term market trends can reshape how the nation’s wealth is divided.

This graphic, via Visual Capitalist's Boyan Girginov, tracks how U.S. household wealth has shifted across wealth groups from Q3 1989 to Q4 2025 using data from the Federal Reserve’s Distributional Financial Accounts.

Wealth of the Top 1% vs. the Bottom 90%

The table below shows how the wealth distribution has changed over the last 35 years:

The top 1% built its wealth primarily through stocks and businesses, assets that have soared in value for decades. In fact, every group below the top 1% has lost share since 1989: even the next 9% of households, from the 90th to 99th percentiles, slipped from 38.0% to 36.4%.

Wealth further down the ladder is tied mostly to the family home, which appreciates far more slowly than the stock market. Much of the bottom 50%’s net worth is home equity, and many households in that group have little or no net worth at all. That’s why the gap between the top and the bottom has widened over the last 36 years.

How Markets Move Each Group’s Share

Market swings move each group’s share differently, depending on the assets its households own.

Every boom rewards whoever holds financial assets, and those gains compound: between 1989 and 2025, the top 0.1% increased its share of household wealth from 8.6% to 14.5%, while the top 1% as a whole climbed from 22.8% to 31.9%.

Busts fall hardest on those with the least cushion. The 2008 housing crash crushed the value of ordinary households’ main asset, and the bottom 50%’s share eventually fell to a record low of 0.4% before recovering to 2.5% today.

Over the full period, no group lost more ground than the upper-middle 40%, households between the 50th and 90th percentiles, whose share slid from 35.7% to 29.2% as home values trailed the stock market.

Wealth Distribution by Income Segment (1989-2025)

See all the data for the last 36 years below:

Time PeriodTop 0.1%Top 1%
(excl. top 0.1%)		Top 10%
(excl. top 1%)		Upper-Middle 40%
(excl. top 10%)		Bottom 50%
Q3 19898.6%14.2%38.0%35.7%3.5%
Q4 19898.7%14.2%37.9%35.7%3.4%
Q1 19908.6%14.1%37.7%36.1%3.5%
Q2 19908.7%14.2%37.6%36.1%3.4%
Q3 19908.5%14.0%37.3%36.7%3.5%
Q4 19908.7%14.1%37.2%36.4%3.6%
Q1 19918.9%14.2%37.0%36.3%3.5%
Q2 19918.8%14.2%36.9%36.5%3.5%
Q3 19918.8%14.3%36.6%36.6%3.7%
Q4 19919.1%14.4%36.5%36.3%3.7%
Q1 19929.0%14.4%36.3%36.5%3.8%
Q2 19928.9%14.3%36.3%36.7%3.8%
Q3 19928.9%14.1%36.2%36.7%4.1%
Q4 19929.2%14.3%36.1%36.4%4.0%
Q1 19939.5%14.5%36.1%36.1%3.8%
Q2 19939.6%14.5%36.0%36.1%3.8%
Q3 19939.8%14.7%35.7%36.0%3.8%
Q4 199310.1%14.8%35.6%35.8%3.7%
Q1 199410.2%14.9%35.5%35.9%3.5%
Q2 199410.3%15.0%35.3%35.9%3.4%
Q3 199410.5%15.1%35.0%35.9%3.5%
Q4 199410.8%15.2%34.8%35.7%3.5%
Q1 199510.9%15.4%34.7%35.5%3.5%
Q2 199511.1%15.6%34.2%35.5%3.6%
Q3 199511.4%15.9%33.9%35.1%3.7%
Q4 199511.5%15.9%34.0%34.9%3.6%
Q1 199611.5%15.9%34.2%35.0%3.5%
Q2 199611.4%15.9%34.2%35.1%3.4%
Q3 199611.3%15.8%34.3%35.2%3.4%
Q4 199611.4%15.8%34.5%35.0%3.4%
Q1 199711.2%15.7%34.6%35.0%3.4%
Q2 199711.4%15.9%34.7%34.6%3.4%
Q3 199711.4%15.9%34.8%34.4%3.4%
Q4 199711.5%16.0%35.0%34.2%3.3%
Q1 199811.7%16.1%35.1%33.8%3.3%
Q2 199811.7%16.1%35.2%33.8%3.2%
Q3 199811.2%15.9%35.1%34.3%3.5%
Q4 199811.5%16.2%35.4%33.6%3.3%
Q1 199911.2%16.2%35.5%33.7%3.4%
Q2 199911.3%16.4%35.6%33.5%3.2%
Q3 199911.0%16.3%35.6%33.8%3.3%
Q4 199911.3%16.6%35.9%32.9%3.2%
Q1 200011.2%16.7%35.9%33.0%3.2%
Q2 200010.9%16.6%35.9%33.4%3.2%
Q3 200010.7%16.6%35.8%33.6%3.3%
Q4 200010.4%16.4%35.8%34.2%3.2%
Q1 20019.9%16.2%35.7%35.0%3.2%
Q2 20019.9%16.3%35.8%34.9%3.1%
Q3 20019.6%16.0%35.8%35.6%3.1%
Q4 20019.7%16.2%35.9%35.3%3.0%
Q1 20029.6%16.2%36.0%35.3%3.0%
Q2 20029.4%16.2%36.0%35.5%2.9%
Q3 20029.0%16.0%36.0%36.0%3.0%
Q4 20029.0%16.1%36.0%36.0%2.9%
Q1 20038.8%16.0%36.2%36.1%2.8%
Q2 20039.2%16.2%36.5%35.5%2.6%
Q3 20039.2%16.3%36.5%35.3%2.6%
Q4 20039.5%16.5%36.6%34.8%2.6%
Q1 20049.9%16.7%36.5%34.4%2.5%
Q2 20049.9%16.7%36.5%34.3%2.6%
Q3 200410.0%16.8%36.5%34.2%2.5%
Q4 200410.2%16.8%36.6%33.9%2.5%
Q1 200510.2%16.7%36.7%33.9%2.5%
Q2 200510.4%16.8%36.9%33.6%2.4%
Q3 200510.5%16.8%36.9%33.3%2.5%
Q4 200510.5%16.7%36.9%33.3%2.5%
Q1 200611.0%16.9%37.1%32.6%2.4%
Q2 200611.0%16.8%37.2%32.6%2.4%
Q3 200611.1%16.9%37.3%32.4%2.4%
Q4 200611.3%16.9%37.4%32.0%2.3%
Q1 200711.6%17.0%37.6%31.6%2.2%
Q2 200711.7%17.0%37.8%31.3%2.1%
Q3 200711.9%17.1%38.0%31.0%2.0%
Q4 200711.8%17.0%38.3%31.2%1.7%
Q1 200811.6%16.9%38.5%31.5%1.5%
Q2 200811.4%17.0%38.6%31.5%1.5%
Q3 200811.2%17.0%38.9%31.9%1.2%
Q4 200810.6%17.1%38.8%32.5%1.0%
Q1 200910.3%17.1%39.0%32.9%0.7%
Q2 200910.3%17.3%39.2%32.5%0.7%
Q3 200910.6%17.5%39.4%31.9%0.7%
Q4 200910.5%17.6%39.6%31.8%0.6%
Q1 201010.6%17.6%39.7%31.6%0.5%
Q2 201010.5%17.6%39.9%31.5%0.5%
Q3 201010.8%17.7%40.0%31.0%0.5%
Q4 201011.0%17.8%40.1%30.7%0.4%
Q1 201111.3%17.9%40.0%30.5%0.4%
Q2 201111.3%17.8%39.9%30.5%0.4%
Q3 201111.1%17.7%39.8%31.0%0.4%
Q4 201111.3%17.7%39.8%30.8%0.4%
Q1 201211.5%17.9%39.7%30.4%0.4%
Q2 201211.6%17.8%39.6%30.5%0.6%
Q3 201211.8%17.8%39.5%30.3%0.6%
Q4 201211.8%17.8%39.4%30.3%0.7%
Q1 201312.0%17.8%39.4%30.2%0.7%
Q2 201312.0%17.6%39.4%30.2%0.8%
Q3 201312.1%17.6%39.3%30.1%0.9%
Q4 201312.2%17.6%39.4%30.0%0.9%
Q1 201412.3%17.7%39.4%29.7%0.9%
Q2 201412.5%17.9%39.3%29.3%1.0%
Q3 201412.5%17.9%39.3%29.3%1.0%
Q4 201412.6%18.0%39.4%29.1%1.0%
Q1 201512.6%18.0%39.3%28.9%1.0%
Q2 201512.7%18.1%39.4%28.8%1.1%
Q3 201512.5%18.0%39.4%29.0%1.1%
Q4 201512.5%18.1%39.3%28.9%1.2%
Q1 201612.5%18.1%39.3%28.9%1.2%
Q2 201612.6%18.2%39.4%28.7%1.2%
Q3 201612.6%18.2%39.2%28.7%1.3%
Q4 201612.5%18.2%39.2%28.8%1.3%
Q1 201712.5%18.2%39.3%28.7%1.3%
Q2 201712.5%18.2%39.3%28.6%1.4%
Q3 201712.5%18.2%39.3%28.6%1.4%
Q4 201712.5%18.3%39.3%28.4%1.4%
Q1 201812.4%18.2%39.3%28.6%1.5%
Q2 201812.3%18.2%39.4%28.5%1.6%
Q3 201812.4%18.3%39.5%28.4%1.5%
Q4 201811.9%18.1%39.6%28.8%1.6%
Q1 201912.3%18.3%39.7%28.1%1.6%
Q2 201912.3%18.3%39.7%28.2%1.6%
Q3 201912.1%18.3%39.7%28.2%1.7%
Q4 201912.4%18.2%39.5%28.2%1.7%
Q1 202011.7%17.5%39.3%29.6%1.8%
Q2 202012.3%17.6%38.9%29.3%2.0%
Q3 202012.5%17.5%38.6%29.3%2.1%
Q4 202013.0%17.6%38.3%29.0%2.2%
Q1 202113.2%17.5%37.9%29.1%2.3%
Q2 202113.4%17.4%37.6%29.2%2.3%
Q3 202113.5%17.3%37.4%29.4%2.4%
Q4 202113.7%17.2%37.2%29.4%2.4%
Q1 202213.6%16.9%36.9%30.1%2.5%
Q2 202213.1%16.3%36.5%31.3%2.7%
Q3 202213.2%16.3%36.4%31.4%2.7%
Q4 202213.4%16.5%36.5%31.0%2.6%
Q1 202313.5%16.6%36.5%30.8%2.6%
Q2 202313.5%16.6%36.4%30.9%2.6%
Q3 202313.4%16.5%36.4%31.1%2.5%
Q4 202313.6%16.7%36.5%30.7%2.5%
Q1 202413.7%16.8%36.5%30.5%2.5%
Q2 202413.7%16.8%36.4%30.6%2.5%
Q3 202414.0%16.9%36.5%30.2%2.4%
Q4 202414.0%17.0%36.4%30.1%2.5%
Q1 202513.9%16.9%36.4%30.3%2.5%
Q2 202514.1%17.1%36.4%30.1%2.5%
Q3 202514.4%17.3%36.4%29.4%2.5%
Q4 202514.5%17.4%36.4%29.2%2.5%

If you enjoyed today’s post, check out The Global Wealth Pyramid in 2025 on Voronoi.

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