Who owns U.S. stocks? A history by wealth group
Last verified: August 10, 2026 against Federal Reserve Distributional Financial Accounts 2026:Q1 detail files
Reviewed by Josh for financial modeling and data. See more by Josh.
The wealthiest 10% of U.S. households held 87.4% of the Federal Reserve's household corporate-equity and mutual-fund measure in Q1 2026. This page shows how that concentration changed quarter by quarter since 1989.
The latest ownership snapshot: Q1 2026
Top 1% share
50.2%
$27.6T across the top 0.1% and next 0.9%.
Top 10% share
87.4%
The top 1% plus households in the next 9%.
Bottom 50% share
1.1%
$0.59T in this specific Fed category.
Aggregate measured
$55.1T
Current-dollar household holdings across all five groups.
| Net-worth group | Share | Dollar level | Estimated households |
|---|---|---|---|
| Top 0.1% | 24.2% | $13.3T | 136,095 |
| Next 0.9% | 26.0% | $14.3T | 1,212,197 |
| Next 9% | 37.2% | $20.5T | 12,140,540 |
| Next 40% | 11.6% | $6.4T | 54,071,475 |
| Bottom 50% | 1.1% | $0.59T | 67,573,814 |
Shares are the percentage of aggregate dollars, not the percentage of households that own stock. Published shares are rounded to one decimal, so Q1 2026 sums to 100.1%.
Thirty-six years of stock-ownership concentration
The top 1% share rose from 42.8% in Q3 1989 to 50.2% in Q1 2026. Most of that movement was at the very top: the top 0.1% increased 9.6 percentage points, while the next 40% fell 5.6 points.
The same holdings, cut by age and income
Wealth percentiles are not the only useful lens. In Q1 2026, households age 55 and older held 79.4% of the measure, while the top income quintile held 87.0%. These are separate classifications and should not be added together.
By age of household reference person
By income percentile
Income groups use the Fed's income-percentile definitions for each quarter. The bottom 40% of the income distribution held 2.6% in the latest snapshot.
What the history actually says
- Concentration rose at the extreme top. The top 0.1% moved from 14.6% to 24.2%, a 9.6-point increase.
- The broad middle lost share. The next 40% moved from 17.2% to 11.6%, a 5.6-point decline.
- The bottom half remained near 1%. Its published share was 1.1% at the start and 1.1% in the latest quarter.
- This is not an inflow/outflow chart. Dollar levels can move because of purchases and sales, market-price revaluation, other volume changes, and statistical revisions. Ownership-share changes do not isolate fund flows.
Every quarterly ownership share
All 147 Federal Reserve DFA quarters, newest first.
| Quarter | Top 0.1% | Next 0.9% | Next 9% | Next 40% | Bottom 50% | Top 1% | Top 10% |
|---|---|---|---|---|---|---|---|
| Q1 2026 | 24.2% | 26.0% | 37.2% | 11.6% | 1.1% | 50.2% | 87.4% |
| Q4 2025 | 24.2% | 26.0% | 37.2% | 11.6% | 1.1% | 50.2% | 87.4% |
| Q3 2025 | 24.2% | 26.0% | 37.2% | 11.6% | 1.1% | 50.2% | 87.4% |
| Q2 2025 | 24.0% | 26.0% | 37.3% | 11.7% | 1.1% | 50.0% | 87.3% |
| Q1 2025 | 23.8% | 26.0% | 37.3% | 11.8% | 1.0% | 49.8% | 87.1% |
| Q4 2024 | 23.9% | 26.0% | 37.3% | 11.8% | 1.0% | 49.9% | 87.2% |
| Q3 2024 | 23.9% | 26.0% | 37.3% | 11.8% | 1.0% | 49.9% | 87.2% |
| Q2 2024 | 23.7% | 26.0% | 37.4% | 11.9% | 1.0% | 49.7% | 87.1% |
| Q1 2024 | 23.7% | 26.0% | 37.4% | 11.9% | 1.0% | 49.7% | 87.1% |
| Q4 2023 | 23.5% | 26.0% | 37.4% | 12.1% | 1.0% | 49.5% | 86.9% |
| Q3 2023 | 23.2% | 26.0% | 37.5% | 12.2% | 1.0% | 49.2% | 86.7% |
| Q2 2023 | 23.3% | 26.0% | 37.5% | 12.2% | 1.0% | 49.3% | 86.8% |
| Q1 2023 | 23.2% | 26.0% | 37.5% | 12.3% | 1.0% | 49.2% | 86.7% |
| Q4 2022 | 23.0% | 26.0% | 37.6% | 12.4% | 1.0% | 49.0% | 86.6% |
| Q3 2022 | 22.9% | 26.0% | 37.6% | 12.5% | 1.0% | 48.9% | 86.5% |
| Q2 2022 | 23.0% | 26.3% | 37.5% | 12.3% | 1.0% | 49.3% | 86.8% |
| Q1 2022 | 23.5% | 26.5% | 37.2% | 11.8% | 1.0% | 50.0% | 87.2% |
| Q4 2021 | 23.6% | 26.7% | 37.1% | 11.6% | 1.0% | 50.3% | 87.4% |
| Q3 2021 | 23.4% | 27.0% | 37.0% | 11.6% | 1.0% | 50.4% | 87.4% |
| Q2 2021 | 23.4% | 27.2% | 36.9% | 11.5% | 0.9% | 50.6% | 87.5% |
| Q1 2021 | 23.1% | 27.6% | 36.9% | 11.5% | 0.9% | 50.7% | 87.6% |
| Q4 2020 | 22.8% | 28.1% | 36.8% | 11.5% | 0.8% | 50.9% | 87.7% |
| Q3 2020 | 22.2% | 28.8% | 36.7% | 11.6% | 0.7% | 51.0% | 87.7% |
| Q2 2020 | 21.8% | 29.5% | 36.6% | 11.5% | 0.7% | 51.3% | 87.9% |
| Q1 2020 | 20.7% | 30.7% | 36.4% | 11.6% | 0.5% | 51.4% | 87.8% |
| Q4 2019 | 21.9% | 30.1% | 36.2% | 11.1% | 0.6% | 52.0% | 88.2% |
| Q3 2019 | 21.5% | 30.9% | 36.1% | 11.0% | 0.6% | 52.4% | 88.5% |
| Q2 2019 | 21.8% | 30.6% | 36.0% | 11.0% | 0.6% | 52.4% | 88.4% |
| Q1 2019 | 21.9% | 30.4% | 36.0% | 11.1% | 0.6% | 52.3% | 88.3% |
| Q4 2018 | 21.5% | 30.7% | 35.9% | 11.4% | 0.5% | 52.2% | 88.1% |
| Q3 2018 | 22.4% | 29.8% | 35.9% | 11.3% | 0.6% | 52.2% | 88.1% |
| Q2 2018 | 22.5% | 29.7% | 35.8% | 11.4% | 0.6% | 52.2% | 88.0% |
| Q1 2018 | 22.6% | 29.4% | 35.8% | 11.5% | 0.6% | 52.0% | 87.8% |
| Q4 2017 | 22.9% | 29.1% | 35.8% | 11.6% | 0.7% | 52.0% | 87.8% |
| Q3 2017 | 23.0% | 29.0% | 35.7% | 11.7% | 0.7% | 52.0% | 87.7% |
| Q2 2017 | 23.1% | 28.8% | 35.6% | 11.8% | 0.7% | 51.9% | 87.5% |
| Q1 2017 | 23.3% | 28.5% | 35.6% | 11.9% | 0.7% | 51.8% | 87.4% |
| Q4 2016 | 23.4% | 28.4% | 35.5% | 12.1% | 0.7% | 51.8% | 87.3% |
| Q3 2016 | 23.6% | 28.1% | 35.5% | 12.2% | 0.7% | 51.7% | 87.2% |
| Q2 2016 | 23.5% | 27.9% | 35.5% | 12.3% | 0.7% | 51.4% | 86.9% |
| Q1 2016 | 23.4% | 27.8% | 35.6% | 12.5% | 0.7% | 51.2% | 86.8% |
| Q4 2015 | 23.4% | 27.6% | 35.7% | 12.6% | 0.7% | 51.0% | 86.7% |
| Q3 2015 | 23.3% | 27.5% | 35.8% | 12.8% | 0.7% | 50.8% | 86.6% |
| Q2 2015 | 23.5% | 27.2% | 36.0% | 12.6% | 0.7% | 50.7% | 86.7% |
| Q1 2015 | 23.5% | 27.0% | 36.1% | 12.7% | 0.8% | 50.5% | 86.6% |
| Q4 2014 | 23.4% | 26.8% | 36.2% | 12.9% | 0.8% | 50.2% | 86.4% |
| Q3 2014 | 23.3% | 26.6% | 36.3% | 13.0% | 0.8% | 49.9% | 86.2% |
| Q2 2014 | 23.4% | 26.3% | 36.4% | 13.1% | 0.8% | 49.7% | 86.1% |
| Q1 2014 | 23.2% | 26.1% | 36.5% | 13.3% | 0.8% | 49.3% | 85.8% |
| Q4 2013 | 23.0% | 25.9% | 36.7% | 13.6% | 0.8% | 48.9% | 85.6% |
| Q3 2013 | 22.8% | 25.6% | 36.8% | 13.9% | 0.8% | 48.4% | 85.2% |
| Q2 2013 | 22.5% | 25.8% | 36.9% | 14.0% | 0.8% | 48.3% | 85.2% |
| Q1 2013 | 22.4% | 25.9% | 37.0% | 13.9% | 0.8% | 48.3% | 85.3% |
| Q4 2012 | 21.8% | 26.1% | 37.1% | 14.2% | 0.8% | 47.9% | 85.0% |
| Q3 2012 | 21.7% | 26.3% | 37.2% | 14.1% | 0.8% | 48.0% | 85.2% |
| Q2 2012 | 21.4% | 26.4% | 37.3% | 14.2% | 0.8% | 47.8% | 85.1% |
| Q1 2012 | 21.4% | 26.6% | 37.3% | 13.9% | 0.8% | 48.0% | 85.3% |
| Q4 2011 | 20.8% | 26.8% | 37.5% | 14.2% | 0.7% | 47.6% | 85.1% |
| Q3 2011 | 20.4% | 27.1% | 37.6% | 14.2% | 0.7% | 47.5% | 85.1% |
| Q2 2011 | 21.1% | 27.1% | 37.5% | 13.5% | 0.8% | 48.2% | 85.7% |
| Q1 2011 | 21.1% | 27.2% | 37.5% | 13.4% | 0.8% | 48.3% | 85.8% |
| Q4 2010 | 20.7% | 27.4% | 37.6% | 13.4% | 0.8% | 48.1% | 85.7% |
| Q3 2010 | 20.2% | 27.7% | 37.8% | 13.5% | 0.8% | 47.9% | 85.7% |
| Q2 2010 | 19.6% | 27.9% | 37.8% | 13.9% | 0.8% | 47.5% | 85.3% |
| Q1 2010 | 20.3% | 27.7% | 37.5% | 13.7% | 0.8% | 48.0% | 85.5% |
| Q4 2009 | 20.1% | 27.8% | 37.4% | 13.9% | 0.8% | 47.9% | 85.3% |
| Q3 2009 | 20.0% | 27.8% | 37.2% | 14.1% | 0.8% | 47.8% | 85.0% |
| Q2 2009 | 19.2% | 28.1% | 37.1% | 14.8% | 0.8% | 47.3% | 84.4% |
| Q1 2009 | 18.0% | 28.5% | 37.0% | 15.8% | 0.7% | 46.5% | 83.5% |
| Q4 2008 | 18.9% | 28.3% | 36.8% | 15.3% | 0.8% | 47.2% | 84.0% |
| Q3 2008 | 20.5% | 27.8% | 36.5% | 14.3% | 0.9% | 48.3% | 84.8% |
| Q2 2008 | 21.3% | 27.6% | 36.3% | 13.9% | 0.9% | 48.9% | 85.2% |
| Q1 2008 | 21.6% | 27.5% | 36.2% | 13.8% | 0.9% | 49.1% | 85.3% |
| Q4 2007 | 22.1% | 27.3% | 36.0% | 13.6% | 1.0% | 49.4% | 85.4% |
| Q3 2007 | 22.4% | 27.3% | 35.9% | 13.4% | 1.0% | 49.7% | 85.6% |
| Q2 2007 | 22.3% | 27.2% | 35.9% | 13.6% | 1.0% | 49.5% | 85.4% |
| Q1 2007 | 22.1% | 27.2% | 35.8% | 13.9% | 1.0% | 49.3% | 85.1% |
| Q4 2006 | 21.8% | 27.2% | 35.8% | 14.2% | 1.0% | 49.0% | 84.8% |
| Q3 2006 | 21.4% | 27.3% | 35.7% | 14.7% | 1.0% | 48.7% | 84.4% |
| Q2 2006 | 21.1% | 27.3% | 35.7% | 15.0% | 0.9% | 48.4% | 84.1% |
| Q1 2006 | 21.2% | 27.2% | 35.7% | 15.0% | 0.9% | 48.4% | 84.1% |
| Q4 2005 | 20.5% | 27.3% | 35.6% | 15.7% | 0.9% | 47.8% | 83.4% |
| Q3 2005 | 20.3% | 27.3% | 35.6% | 15.9% | 0.9% | 47.6% | 83.2% |
| Q2 2005 | 20.0% | 27.3% | 35.5% | 16.3% | 0.9% | 47.3% | 82.8% |
| Q1 2005 | 19.8% | 27.2% | 35.5% | 16.6% | 0.9% | 47.0% | 82.5% |
| Q4 2004 | 19.7% | 27.2% | 35.5% | 16.8% | 0.9% | 46.9% | 82.4% |
| Q3 2004 | 19.2% | 27.2% | 35.4% | 17.3% | 0.9% | 46.4% | 81.8% |
| Q2 2004 | 18.9% | 27.0% | 35.7% | 17.5% | 0.9% | 45.9% | 81.6% |
| Q1 2004 | 18.6% | 26.8% | 35.9% | 17.7% | 1.0% | 45.4% | 81.3% |
| Q4 2003 | 18.0% | 26.6% | 36.2% | 18.2% | 1.0% | 44.6% | 80.8% |
| Q3 2003 | 17.0% | 26.4% | 36.4% | 19.1% | 1.1% | 43.4% | 79.8% |
| Q2 2003 | 16.4% | 26.2% | 36.7% | 19.6% | 1.1% | 42.6% | 79.3% |
| Q1 2003 | 15.0% | 26.0% | 37.0% | 20.9% | 1.2% | 41.0% | 78.0% |
| Q4 2002 | 15.1% | 25.8% | 37.2% | 20.7% | 1.3% | 40.9% | 78.1% |
| Q3 2002 | 14.4% | 25.5% | 37.5% | 21.2% | 1.3% | 39.9% | 77.4% |
| Q2 2002 | 15.6% | 25.4% | 37.5% | 20.1% | 1.4% | 41.0% | 78.5% |
| Q1 2002 | 16.0% | 25.2% | 37.6% | 19.7% | 1.4% | 41.2% | 78.8% |
| Q4 2001 | 15.8% | 25.1% | 37.8% | 19.9% | 1.4% | 40.9% | 78.7% |
| Q3 2001 | 14.8% | 24.8% | 38.1% | 20.7% | 1.5% | 39.6% | 77.7% |
| Q2 2001 | 16.4% | 25.0% | 37.7% | 19.4% | 1.5% | 41.4% | 79.1% |
| Q1 2001 | 16.3% | 25.1% | 37.5% | 19.6% | 1.5% | 41.4% | 78.9% |
| Q4 2000 | 17.4% | 25.2% | 37.2% | 18.7% | 1.5% | 42.6% | 79.8% |
| Q3 2000 | 18.7% | 25.3% | 36.9% | 17.7% | 1.5% | 44.0% | 80.9% |
| Q2 2000 | 19.1% | 25.4% | 36.6% | 17.4% | 1.5% | 44.5% | 81.1% |
| Q1 2000 | 19.9% | 25.5% | 36.3% | 16.8% | 1.5% | 45.4% | 81.7% |
| Q4 1999 | 20.0% | 25.6% | 36.1% | 16.8% | 1.5% | 45.6% | 81.7% |
| Q3 1999 | 19.5% | 25.7% | 35.8% | 17.5% | 1.6% | 45.2% | 81.0% |
| Q2 1999 | 20.3% | 25.8% | 35.5% | 16.8% | 1.6% | 46.1% | 81.6% |
| Q1 1999 | 20.4% | 26.0% | 35.1% | 16.9% | 1.6% | 46.4% | 81.5% |
| Q4 1998 | 20.9% | 26.1% | 34.8% | 16.6% | 1.6% | 47.0% | 81.8% |
| Q3 1998 | 20.6% | 26.4% | 34.2% | 17.1% | 1.7% | 47.0% | 81.2% |
| Q2 1998 | 21.4% | 26.5% | 34.3% | 16.2% | 1.6% | 47.9% | 82.2% |
| Q1 1998 | 21.3% | 26.8% | 34.3% | 16.0% | 1.6% | 48.1% | 82.4% |
| Q4 1997 | 20.8% | 27.2% | 34.0% | 16.4% | 1.7% | 48.0% | 82.0% |
| Q3 1997 | 20.7% | 27.5% | 34.0% | 16.2% | 1.6% | 48.2% | 82.2% |
| Q2 1997 | 20.4% | 27.9% | 33.8% | 16.2% | 1.6% | 48.3% | 82.1% |
| Q1 1997 | 19.7% | 28.5% | 33.5% | 16.7% | 1.7% | 48.2% | 81.7% |
| Q4 1996 | 19.7% | 28.9% | 33.5% | 16.3% | 1.6% | 48.6% | 82.1% |
| Q3 1996 | 19.5% | 29.4% | 33.3% | 16.2% | 1.6% | 48.9% | 82.2% |
| Q2 1996 | 19.6% | 29.8% | 33.3% | 15.8% | 1.6% | 49.4% | 82.7% |
| Q1 1996 | 19.5% | 30.3% | 33.1% | 15.5% | 1.6% | 49.8% | 82.9% |
| Q4 1995 | 19.4% | 30.9% | 33.0% | 15.2% | 1.6% | 50.3% | 83.3% |
| Q3 1995 | 19.0% | 31.7% | 32.7% | 15.1% | 1.5% | 50.7% | 83.4% |
| Q2 1995 | 18.6% | 31.6% | 32.8% | 15.5% | 1.5% | 50.2% | 83.0% |
| Q1 1995 | 18.2% | 31.3% | 32.9% | 16.0% | 1.6% | 49.5% | 82.4% |
| Q4 1994 | 17.8% | 31.0% | 33.1% | 16.5% | 1.6% | 48.8% | 81.9% |
| Q3 1994 | 18.0% | 30.3% | 33.5% | 16.6% | 1.5% | 48.3% | 81.8% |
| Q2 1994 | 18.0% | 29.8% | 33.9% | 16.8% | 1.5% | 47.8% | 81.7% |
| Q1 1994 | 18.3% | 29.1% | 34.3% | 16.8% | 1.5% | 47.4% | 81.7% |
| Q4 1993 | 18.7% | 28.4% | 34.7% | 16.7% | 1.5% | 47.1% | 81.8% |
| Q3 1993 | 18.5% | 27.9% | 35.0% | 17.2% | 1.5% | 46.4% | 81.4% |
| Q2 1993 | 18.2% | 27.3% | 35.3% | 17.6% | 1.5% | 45.5% | 80.8% |
| Q1 1993 | 18.3% | 26.6% | 35.7% | 17.9% | 1.5% | 44.9% | 80.6% |
| Q4 1992 | 18.1% | 25.9% | 36.1% | 18.4% | 1.5% | 44.0% | 80.1% |
| Q3 1992 | 17.4% | 25.1% | 36.5% | 19.5% | 1.5% | 42.5% | 79.0% |
| Q2 1992 | 17.0% | 25.4% | 36.7% | 19.5% | 1.5% | 42.4% | 79.1% |
| Q1 1992 | 16.9% | 25.6% | 36.8% | 19.1% | 1.4% | 42.5% | 79.3% |
| Q4 1991 | 17.1% | 25.9% | 37.0% | 18.6% | 1.4% | 43.0% | 80.0% |
| Q3 1991 | 15.6% | 26.2% | 37.3% | 19.5% | 1.4% | 41.8% | 79.1% |
| Q2 1991 | 15.0% | 26.5% | 37.5% | 19.6% | 1.4% | 41.5% | 79.0% |
| Q1 1991 | 15.1% | 26.8% | 37.7% | 19.1% | 1.3% | 41.9% | 79.6% |
| Q4 1990 | 13.6% | 27.2% | 38.1% | 19.8% | 1.3% | 40.8% | 78.9% |
| Q3 1990 | 12.4% | 27.7% | 38.5% | 20.2% | 1.3% | 40.1% | 78.6% |
| Q2 1990 | 14.4% | 27.6% | 38.3% | 18.4% | 1.2% | 42.0% | 80.3% |
| Q1 1990 | 14.1% | 27.9% | 38.6% | 18.2% | 1.2% | 42.0% | 80.6% |
| Q4 1989 | 14.8% | 28.0% | 38.6% | 17.4% | 1.2% | 42.8% | 81.4% |
| Q3 1989 | 14.6% | 28.2% | 38.8% | 17.2% | 1.1% | 42.8% | 81.6% |
The downloadable derivative dataset is arranged by PennyCalc from the Fed detail files and includes published dollar levels as well as shares. Source-data terms and the Fed's public-domain policy still apply.
Method, definitions and caveats
The Distributional Financial Accounts combine the Federal Reserve's quarterly Financial Accounts with distributional information from the Survey of Consumer Finances. That creates timely quarterly estimates, but not a literal census of every account.
The Fed interpolates between available Survey of Consumer Finances waves. Its current-method update explains the extrapolation process after the latest survey anchor; as of this release, observations after 2022:Q3 are extrapolated. The history is revisable, including older quarters.
The ownership categories rank households by net worth within each quarter. A household can move between groups, so a group's change is not the return earned by a fixed set of families. The dollar figures are current dollars, not inflation-adjusted, and are rounded to the nearest million in the source detail file.
For the precise financial-account definitions behind the measure, see the Fed's Z.1 explanatory text. For construction details, use the original methodology paper, the public code archive, and the DFA release announcements.
Primary sources
- Federal Reserve DFA overview and interactive data
- Official DFA raw-data ZIP
- Distributional Financial Accounts methodology paper
- Federal Reserve methodology update
Data retrieved and verified August 10, 2026. The Fed overview was last updated June 18, 2026 and reported data through Q1 2026.
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