The wealth of American scrooges reaches 44,600 billion. The wealth of the top 1% of Americans reached a record $44.6 trillion in the fourth quarter of 2023.
All the gains have come from stock holdings thanks to the year-end rally, and economists say the stock market rally is giving a further boost to consumer spending through what's known as the "wealth effect" The wealth effect from soaring stock prices is a powerful boon to consumer confidence, spending and overall economic growth, said Mark Zandi, chief economist at Moody's Analytics.