原文標題：The wealth of the top 1% reaches a record $52 trillion 原文連結：https://tinyurl.com/mtzsdr44 發布時間：Published Fri, Oct 3 20258:30 AM EDT 記者署名：Robert Frank 原文內容： 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. 根據美聯儲最新數據，美國前 10% 的富裕群體在第二季度增加了 5 兆美元的財富，原因 是股市的持續反彈繼續讓最大投資者受益。 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. 美聯儲表示，前 10%（即淨資產超過 200 萬美元的人群）的總財富在第二季度達到創紀 錄的 113 兆美元，高於第一季度的 108 兆美元。這延續了過去三年的成長，自 2020 年 以來，前 10% 已增加超過 40 兆美元的財富。 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. 根據美聯儲數據，過去一年所有財富群體都有增長，美國底層 50% 的人口淨資產在過去 12 個月內上升了 6%。然而，財富增長最快的仍是頂層。最富有的 1% 在過去一年增加了 4 兆美元，增幅達 7%，使他們的財富在第二季度達到創紀錄的 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. 頂層 0.1% 的財富在過去一年成長了 10%。自疫情以來，這一群體（淨資產至少 4600 萬 美元）總財富幾乎翻倍，超過 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%. 儘管近年來頂層的財富增長較快，但其財富占比在過去幾十年相對穩定。2025 年第二季 度，最富有的 1% 持有全國家庭總財富的 29%，與 2000 年的 28% 相差不大。前 10% 在 本季度持有 67%，而剩餘的 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. 今年頂層財富增長的最大動力來自股市。前 10% 持有的公司股票和共同基金價值在過去 一年從 39 兆美元增加到超過 44 兆美元。美國前 10% 持有超過 87% 的公司股票與基金 份額。 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. 超高淨值人群的數量也在迅速增加。根據 Altrata 的最新報告，淨資產達到 3000 萬美 元以上的美國人數量在 2025 年上半年增加了 6.5%，繼 2024 年激增 21% 之後，目前美 國已有 208,090 名超高淨值人士，占全球總數的 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. 頂層財富的激增，導致消費經濟越來越兩極化。據穆迪分析的 Mark Zandi 表示，收入分 配中前 10% 的消費者在第二季度占了全國消費支出的 49.2%，創下自 1989 年開始統計 以來的最高紀錄。 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. 所謂的「K 型經濟」迄今表現不錯，至少從 GDP 和消費等宏觀數據來看如此。然而，過 度依賴頂層少數消費者卻潛藏風險。 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，如果股市出現深度且持續的下跌（這幾乎是推動頂層財富增長的唯一來源） ，可能會對整體經濟帶來更廣泛的衝擊。 “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.” 他說：「當前經濟主要依靠極富裕人群的消費，而他們的信心來自股市投資組合的飆升價 值。如果高估值的股市因任何原因而下跌，富裕群體看到股價由綠轉紅，他們會迅速收縮 支出，對已然脆弱的經濟構成嚴重威脅。」 心得/評論： 美國 最富有的 1% 財富達 52 兆美元，占家庭財富 29%。 前 10% 財富總額達 113 兆美元，占 67%。 底層 90% 僅持有 33%。 成長驅動主要來自股市上漲 前10%擁有87%的股票與基金 前10%的消費支出占49.2% 創歷史新高 K 型經濟K-shaped economy 上半部 快速復甦向上 ↗ 下半部 持續惡化 ↘ -- ※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 150.117.197.145 (臺灣) ※ 文章網址: https://webptt.cc/bbs/Stock/M.1759540502.A.523.html ※ 編輯: TyuzuChou (150.117.197.145 臺灣), 10/04/2025 09:18:34