US households and nonprofits allocated a record 48.23% of their financial assets to equities in Q2 2026, according to Federal Reserve data, the highest share since records began in 1945. The jump from 44.66% in Q1 pushed household net worth to roughly $183 trillion, but Fed figures show the top 10% of households hold about 87% of that equity wealth.
Nearly half of every dollar American households hold in financial assets now sits in the stock market. Federal Reserve data show US households and nonprofits allocated a record 48.23% of their financial assets to corporate equities in Q2 2026, surpassing the prior quarter's 44.66% and every previous peak, including the dot-com bubble. The historical average since 1945 is 24.5%, so the current reading runs roughly double that figure.
A one-quarter jump of 3.6 points
The move from Q1 to Q2 was not gradual. Allocations rose from 44.66% to 48.23% in a single quarter, a shift of about 3.6 percentage points in three months. The Q4 2025 reading stood at 45.42%, while the historical low was 9.5% in Q2 1982 — the current level is more than five times that trough.
Household net worth surged by approximately $12.8 trillion in the second quarter of 2026, pushing the combined total for households and nonprofits to around $183 trillion, with equity markets as the primary driver. By the end of 2025, equity holdings had already reached $67.77 trillion, about 33% of total household net worth, after climbing $10.31 trillion, an 18% increase, over the course of the year. Stocks have now overtaken real estate as the leading driver of American wealth growth.
Concentrated at the top
However, Federal Reserve data shows the wealthiest 10% of US households control approximately 87% of all equity wealth, meaning the record allocation reflects gains concentrated among the top decile rather than broad-based wealth creation. Goldman Sachs notes that the shift toward equities augurs increased vulnerability to market fluctuations, which could spill over into reduced consumer spending through the wealth effect.
Echoes of past peaks
The previous notable peaks in equity allocation came during the late-1990s dot-com mania and the post-pandemic rally of 2021, and both were followed by meaningful drawdowns. The current 48.23% reading sits well above either prior high. Market analysts note that elevated starting points in equity allocations have correlated with below-average performance in subsequent periods, with the current wave of investing attributed to resilient stock market conditions and a shift from cash and bonds toward stocks.
Source: Crypto Briefing
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