How many Americans own stock? The top 1% own more than the bottom 90% combined

How many Americans own stock? The top 1% own more than the bottom 90% combined

Roughly 156 million U.S. adults, or 58% of the population, owned stock as of April 2026, according to Gallup — down from 62% a year earlier and the first decline since 2016.

The Federal Reserve’s 2025 Survey of Household Economics and Decision-making found that only 37% of adults hold stocks, bonds, exchange-traded funds, or mutual funds outside a retirement account, meaning most stock owners hold them through a 401(k) or individual retirement account rather than a brokerage account.

And among those who do own stock in any form, ownership is extraordinarily concentrated: The wealthiest 1% hold more equity than the bottom 90% combined, according to Federal Reserve data.

A similar story is told when the data is sliced by wealth level, generation, and race. The Motley Fool explored how the stock market generates wealth unevenly, with the wealthiest benefitting the most.

Key Points

• 58% of U.S. adults own stock, mostly through retirement accounts.

• The wealthiest 1% own more stock than the bottom 90% combined.

• Stock ownership varies greatly by race and generation, favoring white Americans and boomers.

How Many Americans Own Stock?

Gallup’s April 2026 survey found that 58% of U.S. adults own stock either directly or through a mutual fund, index fund, or self-directed retirement account. That marks the first meaningful decline since 2016, when ownership stood at 52% before rebounding to 54%-55% through 2017-20.

The Federal Reserve’s 2025 SHED breaks that ownership down further. 61% of adults hold a retirement savings account such as a 401(k), IRA, or Roth IRA. 37% hold stocks, bonds, ETFs, or mutual funds outside a retirement account.

The Federal Reserve’s Survey of Consumer Finances provides a longer-term view, showing rising exposure to the stock market through retirement accounts.

In 2022, 58% of American families held stock in some form — through retirement accounts, mutual funds, ETFs, or direct purchases. Only 21% held stock directly, meaning individual shares purchased through a brokerage account. Total ownership has climbed steadily since the 1980s, while direct ownership has stayed essentially flat, hovering around 20% for three decades.

Stock Ownership by Level of Wealth

While more than half of U.S. adults own stock, most don’t own much. The wealthiest 1% of Americans hold 50% of all equities, worth approximately $27.6 trillion as of Q1 2026, according to the Federal Reserve’s Distribution of Financial Accounts.

The top 10% by wealth hold 87% of wealth, worth roughly $48 trillion. The bottom 90% hold the remaining 13%, less than what the top 1% holds on its own.

In comparison, the rest of the country has seen stock ownership dwindle. The bottom 50% of Americans by net worth own only 1% of stocks, which is worth roughly $590 billion.

Concentration of stock ownership is a measure of inequality and of how the richest Americans can grow wealthier faster than the rest of the country. When the S&P 500 gains 20% in a year, the top 1% captures roughly half of that gain in dollar terms.

Stock Ownership by Generation

Concentration in stock ownership extends across generations. Baby boomers hold 54% of all U.S. equities, worth $29.71 trillion, followed by Gen X at 22% ($12.23 trillion) and millennials at 9% ($4.94 trillion), according to the Federal Reserve’s Distribution of Financial Accounts as of Q1 2026.

The Fed does not report separate equity figures for Gen Z in that report, but the 2025 SHED found that 36% of Gen Z hold stocks through a retirement account and 20% hold stocks outside one. Gen Z lags older generations in stock ownership through both retirement accounts and direct holdings.

Stock Ownership by Race

Stock ownership is dramatically split along racial lines, with white Americans owning 87% of stocks having a total value of $48.1 trillion.

The share of stocks owned by white Americans has gradually declined from 96.2% in 1989. But the breakdown of stock ownership by race still falls far short of reflecting the racial makeup of the U.S. population.

Despite making up 12% of the U.S. population, Black Americans own only 0.7% of stocks, worth $360 billion. The percentage of Black Americans who own stocks has declined since 2012, while the value of their holdings has grown.

Similarly, Hispanic Americans own 0.7% of stocks even though they make up 19% of the U.S. population. The share of stocks owned by Hispanic Americans is about the same now as it was in 1989.

Average Value of Stocks Held by American Families

Even among families who own stock, the typical position is modest. The median value of stock holdings for American families was $52,000 in 2022 — including mutual funds and retirement accounts — according to the Federal Reserve Survey of Consumer Finances.

For families that hold stock directly, outside of funds and retirement accounts, the median was $15,000, the lowest on record as of that survey.

The $37,000 gap between total and direct holdings reflects the shift toward fund-based investing — retirement accounts and mutual funds provide more families with market exposure. Still, direct holders, who tend to be wealthier and older, hold the positions that translate most directly into wealth accumulation.

Why the Distribution of Stocks Matters

The data on how many people invest in the stock market shows both promising signs and serious issues.

It’s encouraging that 58% of American adults own stock. Younger generations are also gradually investing more. Millennials have increased their stock ownership over the last decade. Gen Z investors are learning how to invest in stocks and entering the market as well.

On the other hand, it’s impossible to ignore the fact that the wealthiest Americans own far more stock than 90% of the country. Stock ownership rates remain stubbornly low among Hispanic and Black households.

While starting to invest may seem daunting, it’s a step worth taking for the 37% of Americans who currently don’t own stocks. The average stock market return is about 10% per year, so investing is a great way to save for retirement.

For first-time investors, here are a few tips to help get started:

• Diversifying across at least 50 stocks reduces risk by avoiding concentration in a handful of companies.

• Index funds and low-cost ETFs provide a diversified portfolio in a single investment.

• Investing regularly through an individual brokerage account, a retirement account, or both compounds over time, even when the monthly amount is small.

Most importantly, invest for the long haul. The Motley Fool recommends holding for at least five years, even through market volatility.

FAQs

What percentage of Americans own stocks?

58% of U.S. adults own stock as of April 2026, according to Gallup’s annual Economy and Personal Finance survey — down from 62% in 2025. Most do so through a retirement account rather than through direct stock purchases; only 37% hold stocks, bonds, ETFs, or mutual funds outside a retirement account, per the Federal Reserve’s 2025 SHED.

How much stock does the average American own?

The median value of stock holdings for American families was $52,000 in 2022, including mutual funds and retirement accounts, according to the Federal Reserve Survey of Consumer Finances. Families that bought stock directly had a median holding of $15,000.

Do most Americans invest in the stock market?

Just over half own stock in some form. The Federal Reserve’s 2025 SHED found that only 37% hold investments outside a retirement account — meaning the majority of stock owners participate primarily through a workplace or individual retirement plan rather than through active investment decisions.

This story was produced by The Motley Fool and reviewed and distributed by Stacker.