On September 18, 2025, Andrew Wang, Managing Partner at Runnymede Capital Management, appeared on New Nation with Keleigh Beeson to discuss a striking trend in the U.S. economy: the growing influence of wealthy consumers.
Citing recent Bloomberg reporting on Moody’s Analytics data, Wang highlighted that the top 10% of income earners now account for 49.2% of total consumer spending—up from 48.5% in the first quarter and far above the roughly 35% share seen in the early 1990s.
Wang noted that this concentration of spending underscores how the U.S. economy increasingly runs on “luxury fuel,” making broader economic growth more dependent on the behavior of high-income households.
The discussion also touched on the implications for policy, markets, and the resilience of the broader consumer base in an economy where wealth concentration continues to rise.
