GSI Banner
  • Free Access
  • Contributors
  • Membership Levels
  • Grey Swan Forecasts
  • Video
  • Origins
  • Sponsors
  • My Account
  • Sign In
  • Join Now

  • Free Access
  • Contributors
  • Membership Levels
  • Grey Swan Forecasts
  • Video
  • Origins
  • Sponsors
  • Contact

© 2026 Grey Swan Investment Fraternity

  • Cookie Policy
  • Privacy Policy
  • Terms & Conditions
  • Do Not Sell or Share My Personal Information
  • Whitelist Us
Ripple Effect

High Income Spenders Slowing, Too

Addison WigginAddison Wiggin

February 11, 2026 • 1 minute, 48 second read


Retail

High Income Spenders Slowing, Too

As of early 2026, the top 10% of households own roughly 93% of stocks while the bottom 50% hold only 1%–2% of net worth.

The divergence has been defined by soaring upper-income spending, record CEO pay, and a shrinking middle class. The lower-income groups face inflation, high debt, and precarious employment.

Latest retail numbers show even big spenders are slowing down. Overall, adjusted for inflation, spending dropped below zero.

Turn Your Images On

Retail sales numbers were buoyed by the top tier of high-income. Now, adjusted for inflation, spending is in decline. (Source: Zero Hedge)

In 2025, the top 10% of households owned 93% of U.S. stocks, driving wealth concentration to 60-year highs. Those high-income households accounted for nearly 60% of total personal spending by the third quarter of 2025.

Wage disparity and an asset wealth gap define fractious politics in this midterm year. And help explain why both parties appear to be talking only to themselves.

~ Addison

P.S.  On a macro level, U.S. debt , foreign ownership of stocks, and gold reserves all hit inflection points in late 2025. There’s a regime shift underway that will benefit individual investors who can spot the trends.

On Grey Swan Live! at 2 p.m. on Thursday, February 12, 2026, U.S. Global Investors Frank Holmes will show how those trends are playing out in his portfolio of global ETFs.

Here’s what’s driving the conversation:

  • Foreign holders were paid a record $292 billion in interest on U.S. Treasurys in Q3 2025 — more than double 2020 levels.
  • Foreign investors now hold $9.1 trillion in U.S. debt, four times the amount held just two decades ago.
  • Central banks are quietly rebalancing reserves — gold’s share has surged from 13% to 24% since 2021, overtaking the dollar for the first time.

Meanwhile, Washington is betting that crypto assets and stablecoins can create a bigger, more efficient market for U.S. debt, extending the dollar’s reserve-currency status.

But there’s a catch.

As Frank will explain, the banking lobby is pushing hard to lock its monopoly on the US national savings and restrict Dollar 2.0 assets through new regulation.

Turn Your Images On

If you have requests for new guests you’d like to see join us for Grey Swan Live!,  or have any questions for our guests, send them here.


The Second Most Powerful Man in Washington

May 22, 2026 • Addison Wiggin

According to central casting, the two most powerful men in the Trump administration are in place, locked and loaded…

The Second Most Powerful Man in Washington
Market Risk Rising

May 22, 2026 • Addison Wiggin

Throughout the AI revolution, the market has increasingly concentrated risk into Big Tech. And it exceeds historic levels by a large measure.

Market Risk Rising
The Great Race: A Quick Peek Behind the Scenes

May 21, 2026 • Addison Wiggin

Five major market signals are indicating this environment is different… but not in the way you are expecting.

The Great Race: A Quick Peek Behind the Scenes
Nvidia’s Dirty Little Secret

May 21, 2026 • Addison Wiggin

While markets are hitting dot-com-era valuations, we’re still not seeing a clear end in sight to earnings slowing down right now…

Nvidia’s Dirty Little Secret