Savings by Wealth Level

This chart disaggregates bank deposit data, using it as a proxy for household savings.
The wealthiest 10% of households account for 70% of the increase in savings between Q1 2020 and Q1 2021.
Wealthy households have a much lower marginal propensity to consume.
This effect, however, is likely to be overpowered by the sheer magnitude of the increase in savings.
Source: BCA Research.