The Top 1% Now Control Nearly a Third of America’s Wealth

The rich get richer, indeed.

The wealthiest 1% of households controlled 31.7% of the nation’s wealth—to the tune of $55 trillion—in the third quarter of 2025, according to Federal Reserve data—the highest since World War II.

These numbers are being driven significantly by an even more elite class within the rich: the top 0.1%. This tiny subset boosted their wealth 40% in three years, Fed data shows, twice the 20% gain of the bottom 90%.

While the top 1% of earners typically earn $700,000 to $1 million annually (this can vary greatly depending on where you live), the top 0.1% makes far more than that—according to the Fed, the top 0.1% had a net worth of about $25 million in the third quarter of 2025. The top 0.1% holds 14.4% of the nation's wealth.

The last time the richest Americans controlled such a large share of U.S. wealth was the mid-1940s, says Bloomberg News, citing the World Inequality Database.

"The fact that the top 1% controls nearly a third of U.S. wealth shows just how concentrated assets are at the very top. For a lot of Americans, this is a sign that the system is broken," Chip Lupo, analyst and writer at WalletHub, tells Realtor.com®.

Last year, the world’s 500 richest people added more than $2 trillion to their collective net worth, according to the Bloomberg Billionaires Index. Since the beginning of this decade, their wealth has doubled to nearly $12 trillion.

So how are the world's wealthiest leaving everyone else behind so quickly?

While there are many factors involved, including a tax base that has continually become more skewed toward favoring the rich, the country's wealthiest are also far more exposed to the stock market than the average person.

"The top 1% rely heavily on corporate equities, investments in private businesses, and real estate ventures, rather than just their salary," explains Lupo.

In the last decade, the S&P 500 has risen approximately 218%, without even including dividends. In the same amount of time, the median home in the top 50 metros has appreciated 72%, according to Realtor.com data.

"In effect, inequality has become a race between the housing market and the stock market," Moritz Kuhn, economics professor at University of Mannheim in Germany, told Bloomberg.

Additionally, a main driver of the surge in wealth for the richest people has been stock market returns for the last three years. The S&P 500 has seen an approximately 80% gain, according to The Motley Fool.

Then there is the tip of the top: The five richest people in the world—Elon Musk, Larry Page, Sergey Brin, Jeff Bezos, and Larry Ellison—saw their fortunes jump an average of 31% last year, versus 22% for all 500 billionaires on the index. 

Each of these multibillionaires made their fortunes in technology. Musk has gained nearly $49 billion in January alone. Of the top 15 richest people on the list, only two are not from the U.S.

The luxury real estate market

The wealthiest are driving a luxury real estate market that is increasingly separating from the broader market, say experts.

While the national housing market continues to struggle with affordability constraints and elevated mortgage rates, the luxury segment, driven by cash buyers, is booming and projected to reach a total value of more than $338 billion by 2030. 

The South Florida luxury real estate market—an area making headlines as where the ultrarich are migrating—had a banner year in 2025, posting the second-highest number of $10 million-plus home sales in the region's history.

The second-richest man in the world, Google co-founder Larry Page, 52, recently dropped $173 million on two mansions in the Miami neighborhood of Coconut Grove.

From January to December 2025, there were 361 closings in South Florida involving high-end properties priced at $10 million or more, trailing only the 444 record set during the pandemic-era buying frenzy in 2021, according to the latest report from the Miami Association of Realtors®.

The national ultra luxury threshold starts at $5.5 million, up from $3.5 million a decade ago, an approximate 57% increase compared with the 54% for the national median home list price, not a significant difference.

While the ultrarich may have much more expensive homes, real estate doesn't tend to be a significant portion of their portfolios.

The top 0.1% has real estate assets that make up only 4% of their wealth versus 46.3% for the upper middle class (50% to 90%) and 10% for the bottom 50% of Americans.

Investing like the ultrarich

"A common fallacy of Americans is considering their home an investment," Jake Falcon, CEO of Falcon Wealth Advisors, tells Realtor.com. "I don't think a home should be considered at all in the investment category. A home should be there to provided shelter, safety, warmth, and make lasting memories."

Falcon suggests that the average American think more like a billionaire by "taking advantage of compound interest by investing in a diversified mix of assets that are designed to grow faster than inflation."

"Historically the stock market has certainly done this, yet there is also no guarantee," he says.

Melissa Pavone, founder of Mindful Financial Partners, says, "I think the biggest barrier many average Americans face isn't what to invest in, it's having the runway to invest."

"If they shift their focus to spending habits, emergency savings, employer retirement plans (especially if there is a match), and reducing high interest debt, then they will be in a much better position to consider other investments."

Lupo reminds Americans hoping to work their way higher on the wealth scale to "pay down debts, seek higher-paying employment, and diversify investments."

"For middle-class Americans looking to grow their assets, focusing on saving consistently, investing wisely, and leveraging tax-efficient strategies is far more important than chasing a headline income number."