Wealthy Americans Tapped Investments to Fund Spending

More high-income households are moving money from portfolios to checking accounts to manage rising daily costs.

Updated on Sept. 26, 2026 in Spending

Isometric editorial illustration featuring geometric metallic tokens and a rectangular document, representing the conversion of investment assets to liquid cash. — The share of high-income U.S. households liquidating investment assets to cover daily expenses reached 20.3% in 2026, up from 6.6% in 2015. AI Illustration. Upload story photo >

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The share of top earners moving funds from investment accounts into checking rose to 20.3% in 2026, up from 6.6% in 2015. This shift among high-income households helped sustain consumer spending as prices have climbed about 30% since 2020.

Why it matters

Rising stock valuations have provided a financial cushion for wealthy households, insulating them from the effects of inflation and a 0.3% decline in real hourly earnings between August 2025 and August 2026. Because this group accounts for 45.5% of total consumer spending, their ability to tap into $74 trillion in equity holdings remains a critical pillar of the economy.

In early 2026, the top 10% of earners—who control 69% of U.S. wealth—accounted for 45.5% of all consumer spending. While total household net worth reached $196 trillion in Q2 2026, many households continue to rely on asset liquidations to offset the cumulative 30% rise in consumer prices.

The players

The top 10% of earners

A high-income cohort that controls 69% of American wealth and acts as a primary driver of national consumer spending.

The details

High-income earners are increasingly selling stock market assets to maintain their standard of living as inflation continues to affect household budgets. By shifting capital from corporate equity holdings into liquid checking accounts, these households can bridge the gap created by stagnant real hourly earnings. This trend is particularly pronounced among those over 65, who are utilizing portfolio withdrawals at higher rates than in previous years to sustain their spending levels.

2015 served as the baseline year for data on investment withdrawals.
Consumer prices have risen by approximately 30% since 2020.
Real hourly earnings saw a 0.3% decline between August 2025 and August 2026.
The top 10% of earners accounted for 45.5% of spending in the first quarter of 2026.
Total household net worth rose to $196 trillion in the second quarter of 2026.

Money Landscape

The reliance on portfolio liquidations reflects a broader pattern of wealth-effect consumption that has defined the post-2020 economic cycle. As inflation persists, the gap between asset-rich households and those relying solely on hourly wages continues to widen.

If you are considering liquidating investments to cover rising daily costs, speak with a qualified financial professional to assess the long-term tax implications. Prioritize evaluating your budget to identify if these withdrawals are for essential expenses or if adjustments can be made to preserve your retirement assets.

The takeaway

While stock gains have provided a necessary buffer for many families, relying on long-term assets to fund short-term consumption can jeopardize future financial goals. Review your current portfolio allocation with a qualified financial professional to ensure your liquidity needs align with your long-term objectives.