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.

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.

How Many Americans Own Stock? More Than You Think

Over half of Americans own stocks, but they're not distributed equally.

By Jack Caporal – Updated May 20, 2026 at 11:17 AM EST | Fact-checked by Frank Bass

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 baby boomers.

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.

But the headline figure doesn't tell the whole story. The Federal Reserve's 2025 Survey of Household Economics and Decisionmaking found that only 37% of adults hold stocks, bonds, ETFs, or mutual funds outside a retirement account, meaning most stock owners hold them through a 401(k) or IRA 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.

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

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Demographics

Demographics are statistical characteristics of a population. They can include almost any descriptive trait, but the usual data points include gender, age, race, ethnicity, income and more.

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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 2022, when ownership also stood at 54% before rebounding to 54%–55% through 2017–20.

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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.

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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 the first quarter of 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.

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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.

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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.

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Holding stocks through a retirement account is more common than direct ownership across each generation, according to the Federal Reserve's 2025 SHED. Gen Z lags older generations in stock ownership through both retirement accounts and directly.

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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 $380 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 as it was in 1989.

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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.

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Why the distribution of stocks matters for investors

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

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:

Build a diversified portfolio with at least 50 stocks. This reduces risk, since you're not reliant on a handful of companies.
If you want to keep it simple, consider investing in index funds or low-cost exchange-traded funds (ETFs). These contain a large basket of stocks, so you get a diversified portfolio in one investment.
Invest regularly, whether through an individual brokerage account or retirement accounts (or both). Even if you're only investing a small amount per month, doing this consistently is key to building wealth.

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

Being a successful investor isn't as difficult as you might think. If you buy and hold good companies, it can generate huge financial rewards in the long run.

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FAQs

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About the Author

Jack Caporal is the Research Director for The Motley Fool and Motley Fool Money. Jack leads efforts to identify and analyze trends shaping investing and personal financial decisions across the United States. His research has appeared in thousands of media outlets including Harvard Business Review, The New York Times, Bloomberg, and CNBC, and has been cited in congressional testimony. He previously covered business and economic trends as a reporter and policy analyst in Washington, D.C. He serves as Chair of the Trade Policy Committee at the World Trade Center in Denver, Colorado. He holds a B.A. degree in International Relations with a concentration in International Economics from Michigan State University.

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The Motley Fool has a disclosure policy.

How Many Americans Own Stock? The Top 1% Own More Than the Bottom 90% Combined

Over half of Americans own stocks, but they're not distributed equally.

Key Points

Demographics

How many Americans own stock?

Stock ownership by level of wealth

Stock ownership by generation

Stock ownership by race

Related stock topics

Stock Market Basics for Beginners

Stock Market Indexes Explained: What They Are and Why They Matter

Bonds vs. Stocks: What's the Difference?

A Beginner's Guide to Buying Stock

Average value of stocks held by American families

Why the distribution of stocks matters for investors

FAQs

About the Author

Read Next

Premium Investing Services

Demographics

Stock Market Basics for Beginners

Stock Market Indexes Explained: What They Are and Why They Matter

Bonds vs. Stocks: What's the Difference?

A Beginner's Guide to Buying Stock

FAQs

What percentage of Americans own stocks?

How much stock does the average American own?

Do most Americans invest in the stock market?

How many Americans own stock?

Stock ownership by level of wealth

Stock ownership by generation

Stock ownership by race

Related stock topics

Average value of stocks held by American families

Why the distribution of stocks matters for investors