The US economy’s resilience hasn’t come from the many – it’s come from the top 10%. Most households have been challenged by higher prices, but the wealthy have still flown business class, renovated homes, and bought luxury clothes and gadgets. That’s the “wealth effect”: their portfolios were booming, home values rising, and savings accounts mounting. But it works in reverse too. The wealthy’s assets have taken a knock. Since the richest now make up nearly half of America’s consumer spending, that could lead to serious economic fallout – the scale of which many investors aren’t prepared for. Make sure you’re not one of the many caught off-guard. Stéphane has pulled together one list of companies that should do well from a change in the climate, and another of ones that could suffer.