原文标题：The wealth of the top 1% reaches a record $52 trillion 原文连结：https://tinyurl.com/mtzsdr44 发布时间：Published Fri, Oct 3 20258:30 AM EDT 记者署名：Robert Frank 原文内容： The top 10% of Americans added $5 trillion to their wealth in the second quarter as the stock market rally continued to benefit the biggest investors, according to new data from the Federal Reserve. 根据美联储最新数据，美国前 10% 的富裕群体在第二季度增加了 5 兆美元的财富，原因 是股市的持续反弹继续让最大投资者受益。 The total wealth of the top 10% — or those with a net worth of more than $2 million — reached a record $113 trillion in the second quarter, up from $108 trillion in the first quarter, according to the Fed. The increase follows three years of continued growth for those at the top, with the top 10% adding over $40 trillion to their wealth since 2020. 美联储表示，前 10%（即净资产超过 200 万美元的人群）的总财富在第二季度达到创纪 录的 113 兆美元，高於第一季度的 108 兆美元。这延续了过去三年的成长，自 2020 年 以来，前 10% 已增加超过 40 兆美元的财富。 All wealth groups saw gains over the past year, with the net worth of the bottom half of Americans increasing 6% over the past 12 months, according to the Fed data. Yet the growth has been fastest for those at the very top. The top 1% have seen their wealth increase by $4 trillion over the past year, an increase of 7%. Their wealth hit a record $52 trillion in the second quarter. 根据美联储数据，过去一年所有财富群体都有增长，美国底层 50% 的人口净资产在过去 12 个月内上升了 6%。然而，财富增长最快的仍是顶层。最富有的 1% 在过去一年增加了 4 兆美元，增幅达 7%，使他们的财富在第二季度达到创纪录的 52 兆美元。 The top 0.1% saw their wealth grow by 10% over the past year. Since the pandemic, the top 0.1%, or those with a net worth of at least $46 million, have seen their total wealth nearly double to over $23 trillion. 顶层 0.1% 的财富在过去一年成长了 10%。自疫情以来，这一群体（净资产至少 4600 万 美元）总财富几乎翻倍，超过 23 兆美元。 Despite the recent faster growth at the top, the total shares of wealth held by the upper echelon has remained fairly stable for decades. The top 1% held 29% of total household wealth in the second quarter, compared with 28% in 2000 . The top 10% held 67% of total household wealth in the quarter while the bottom 90% held 33%. 尽管近年来顶层的财富增长较快，但其财富占比在过去几十年相对稳定。2025 年第二季 度，最富有的 1% 持有全国家庭总财富的 29%，与 2000 年的 28% 相差不大。前 10% 在 本季度持有 67%，而剩余的 90% 只持有 33%。 The biggest driver of wealth gains at the top this year has been the stock market. The value of the corporate equities and mutual fund shares held by the top 10% increased from $39 trillion to over $44 trillion over the past year. The top 10% of Americans hold over 87% of corporate equities and mutual fund shares. 今年顶层财富增长的最大动力来自股市。前 10% 持有的公司股票和共同基金价值在过去 一年从 39 兆美元增加到超过 44 兆美元。美国前 10% 持有超过 87% 的公司股票与基金 份额。 The population of the ultra-wealthy is also growing rapidly. The number of ultra-high-net-worth Americans, or those worth $30 million or more, grew 6.5% in the first half of 2025, after surging 21% last year, according to a new report from Altrata. There are now 208,090 ultra-high-net-worth individuals in the U.S., accounting for 41% of the world’s total. 超高净值人群的数量也在迅速增加。根据 Altrata 的最新报告，净资产达到 3000 万美 元以上的美国人数量在 2025 年上半年增加了 6.5%，继 2024 年激增 21% 之後，目前美 国已有 208,090 名超高净值人士，占全球总数的 41%。 The surging wealth at the top has created an increasingly bifurcated consumer economy, with the wealthy accounting for a growing share of overall spending. Consumers in the top 10% of the income distribution accounted for 49.2% of consumer spending in the second quarter, marking the highest level since data started being compiled in 1989, according to Mark Zandi at Moody’s Analytics. 顶层财富的激增，导致消费经济越来越两极化。据穆迪分析的 Mark Zandi 表示，收入分 配中前 10% 的消费者在第二季度占了全国消费支出的 49.2%，创下自 1989 年开始统计 以来的最高纪录。 The so-called “K-shaped economy” has performed well so far, at least according to broad economic measures such as GDP and consumption. Yet the growing dependence on a small sliver of consumers at the top carries risks. 所谓的「K 型经济」迄今表现不错，至少从 GDP 和消费等宏观数据来看如此。然而，过 度依赖顶层少数消费者却潜藏风险。 Zandi said a deep and prolonged decline in the stock market, which is driving almost all of the wealth gains at the top, could send wider ripples through the economy. Zandi 表示，如果股市出现深度且持续的下跌（这几乎是推动顶层财富增长的唯一来源） ，可能会对整体经济带来更广泛的冲击。 “The economy is being powered in big part by the spending of the extraordinarily well-to-do, who are cheered by the surging value of their stock portfolios,” he said. “If the richly (over) valued stock market were to stumble, for whatever reason, and the well-to-do see more red on their stock tickers than green, they will quickly turn more cautious in their spending, posing a serious threat to the already fragile economy.” 他说：「当前经济主要依靠极富裕人群的消费，而他们的信心来自股市投资组合的飙升价 值。如果高估值的股市因任何原因而下跌，富裕群体看到股价由绿转红，他们会迅速收缩 支出，对已然脆弱的经济构成严重威胁。」 心得/评论： 美国 最富有的 1% 财富达 52 兆美元，占家庭财富 29%。 前 10% 财富总额达 113 兆美元，占 67%。 底层 90% 仅持有 33%。 成长驱动主要来自股市上涨 前10%拥有87%的股票与基金 前10%的消费支出占49.2% 创历史新高 K 型经济K-shaped economy 上半部 快速复苏向上 ↗ 下半部 持续恶化 ↘ --

※ 发信站: 批踢踢实业坊(ptt.cc), 来自: 150.117.197.145 (台湾) ※ 文章网址: https://webptt.com/cn.aspx?n=bbs/Stock/M.1759540502.A.523.html ※ 编辑: TyuzuChou (150.117.197.145 台湾), 10/04/2025 09:18:34