The wealthiest Americans have been doing even better than previously thought — and are driving a consumer spending surge that has been fueling the U.S. economy as they splurge on travel, hotels and dining out, newly-revised economic data shows.

Updated figures released by the Bureau of Economic Analysis on Friday show that income growth since 2020 from investments, rental properties and businesses has been far more robust than previously reported. Capital incomes were revised up by a total 4.4 percent, reflecting the post-lockdown boost in stock prices and home values that has disproportionately benefited the wealthiest. READ MORE