The numbers are almost hard to believe. After the Great Financial Crisis knocked U.S. net worth down to $55 trillion in early 2009, Americans have collectively gained over $100 trillion in wealth in the past 15 years. Today, U.S. households’ net worth totals more than $154 trillion—an extraordinary surge that has lifted every rung of the economic ladder to new highs.
But, as always, wealth accumulation hasn’t been equally spread. While the bottom 50% has recovered far from the devastation of the Great Recession, their share of the pie is still strikingly small. The top 10% of earners own two-thirds of all household wealth, with the top 1% alone holding nearly 30%. For many middle- and lower-income Americans, the past decade has felt like a long-overdue win, but there’s still a question looming: is this wealth boom sustainable, and what does it mean for future economic stability?
The underlying mechanism here is a well-known one: as asset prices rise, the people who own those assets—stocks, homes, businesses—see their net worth expand. For anyone holding financial assets since the depths of 2009, the past 15 years have been the ride of a lifetime. And thanks to a historic wave of government stimulus, lower borrowing costs, and central bank interventions, wealth levels soared even further during the pandemic years. The last four years alone have seen a $50 trillion increase in household wealth, an almost incomprehensible amount in such a short time.
This staggering growth, however, is largely concentrated among asset holders. The stock market’s rise directly benefits those invested in it, while rising home prices are a boon for homeowners. But for the many households without significant assets, gains come through indirect channels, like government stimulus programs, or through wage growth, which has struggled to keep pace with asset inflation. For the bottom 50%, these indirect gains are meaningful but still leave them with only about 2% of national wealth.
The “wealth effect” is a big factor in explaining why U.S. consumer spending has remained robust, even in the face of higher inflation and recent interest rate hikes. When asset values—home equity, stock portfolios—rise sharply, people tend to feel richer and are less motivated to save, instead spending more. This has insulated the U.S. economy against the full force of economic slowdowns, as households with larger financial cushions have continued spending.
Higher asset values also give Americans a greater margin of safety, one that wasn’t there during the last financial crisis. With trillions in added home equity, bigger bank balances, and broader stock ownership, many households are better positioned to weather economic storms without drastic changes to their lifestyles. Even if another recession comes along, this wealth buffer could limit the damage.
Yet, despite these positives, the inequality in wealth distribution remains glaring. Wealth concentration at the top creates a sense of economic imbalance, especially since much of the growth has come from policy decisions that primarily benefit asset owners. This divergence creates social tension. For households in the bottom half, the relative share of wealth remains minuscule, leaving many feeling as though the game remains rigged.
Can this wealth creation continue? While it’s impossible to predict asset prices precisely, it’s likely that future wealth gains will be more modest, especially if wage growth remains outpaced by asset inflation. Government interventions—such as tax policies, social spending, or housing assistance—could shape how wealth is distributed going forward. But unless we see a fundamental shift in how wealth is built and shared, the concentration of wealth among asset holders will persist.
America’s wealth creation story is an extraordinary one, but it’s not without challenges. This dramatic rise in net worth has brought economic resilience, yes, but it has also left many questioning the fairness of the system. And, as history reminds us, wealth built on rapid asset appreciation is often vulnerable to swings when economic conditions change. As this wealth boom shows, rising tides don’t lift all boats equally, leaving the question of economic sustainability and inequality squarely on the table.