High-Income Americans Increasingly Rely on Investment Accounts Amid Economic Uncertainty

The report found that for the top 10% of earners, the proportion pulling funds from investments into checking accounts surged from 6.6% in 2015 to 20.3% in 2026. Notably, wealthy individuals and those aged 65 and older are leading this trend, although withdrawals have increased across all demographics. The analysis covers checking-account transactions of over 20 million customers at Chase since 2015.

The findings underscore an emerging K-shaped economy, characterized by growing disparities in financial stability; high-income Americans are advancing while lower-income households are falling behind. In contrast to wealthy individuals, middle and lower-income Americans typically rely on wages for their expenditures. Moreover, real hourly earnings adjusted for inflation have declined by 0.3% from August 2025 to August 2026.

George Eckerd, the wealth and markets research director at the JPMorgan Chase Institute, noted that real income growth has been stagnant. Meanwhile, consumer sentiment is low, with savings rates declining and household debt nearing historic highs. Despite these challenges, the top 10% of earners accounted for nearly half of all consumer spending in 2026, according to data from Moody's Analytics.

Mark Zandi, chief economist of Moody's, reported that the top 10% contributed 45.5% of all spending in the first quarter of 2026, while the top 20% represented approximately 60% of personal expenditures. These figures are among record highs, indicating that affluent consumers play a crucial role in economic growth. Older Americans, particularly those aged 55 and older, accounted for 46% of spending during the first quarter.

The resurgence of the stock market has significantly increased American wealth, especially for those already affluent. The S&P 500 index has more than tripled since its pandemic low in 2020. The Federal Reserve reported a $13 trillion rise in total household net worth, reaching $196 trillion in the second quarter of 2026. Additionally, corporate equity holdings surged by $10.7 trillion to $74 trillion from the first to the second quarter.

Currently, the top 10% of earners control 69% of the nation’s wealth, with stock investments becoming a primary source of spending for this group. While lower-income individuals are also selling stocks to fund expenses, they do so at a much smaller rate. The JPMorgan Chase report indicated that stock ownership among the wealthiest Americans has become more pronounced, with individuals in the top 10% holding an average of $1.1 million in stocks as of the third quarter of 2025, up from $624,000 at the end of 2022.

Among the oldest and wealthiest demographics, there has been a notable increase in those accessing their investments for spending; the share of top earners over 65 who withdrew money from their investments rose from 24% in 2019 to 37% in 2026. Eckerd observed that older individuals likely have the greatest wealth from years of stock market gains and are now relying on those resources.

As consumer prices have climbed by about 30% since 2020, many wealthy Americans can offset these costs through their stock earnings, high incomes, and considerable savings. However, Eckerd cautioned that if affluent consumers curtail their spending, it could pose risks to the overall economy. A brief stock market downturn in 2022 led to a reduction in withdrawals among top earners, and a prolonged decline could significantly impact their financial behavior.