America’s nest egg now trades on Wall Street. Equities accounted for a record 33% of total US household wealth at the end of 2025, surpassing both the 2021 meme-stock peak and the height of the dot-com bubble. AI-driven gains have fueled the surge, boosting portfolios while increasing exposure to a potential downturn.

• American households added $10.3T in stock market wealth during 2025, pushing total portfolio values up 18% to a record $67.8T.
• Global high-net-worth wealth climbed to a record $98.3T in 2025, while the number of millionaires grew by nearly 2M, according to Capgemini.

Concentrated gains: This wealth boom remains concentrated at the top. The wealthiest 10% of US households own roughly 87% of all stock market wealth, while the top 1% controls nearly 32% of total US wealth — the highest share since the Fed began tracking the data in 1989. With SpaceX, OpenAI, and Anthropic edging closer to public markets, the AI wealth boom may still have fuel left in the tank, though Ray Dalio has warned of bubble-like conditions.