US and Canadian households’ equity allocations near record high at 60%

North American households have gone all-in on stocks. Households, pensions, and funds across the US and Canada now hold roughly 60% of their assets in equities, a figure that flirts with all-time records and exceeds even the peak of the dot-com bubble.

The numbers behind the record

According to the Federal Reserve’s Z.1 data series, US households held approximately 45.8% of their financial assets in equities as of Q1 2026. When you broaden the lens to include pensions and investment funds, the combined allocation approaches 60%.

To put that in dollar terms: equities reached a record 33% of total US household net worth by the end of 2025, translating to $67.77 trillion in holdings.

Canada tells a similar story. Canadian households had about 47% of their financial assets in equities by the end of 2024, valued at C$5.16 trillion. Total Canadian household net worth surpassed C$18.6 trillion in Q1 2026.

Gallup data fills in the participation picture: 62% of US adults owned stocks in 2025, maintaining levels above 60% since 2023.

Why this time feels different (and familiar)

The concentration within equities is striking. Within the S&P 500, just ten stocks account for roughly 40% of the total market capitalization.

Financial commentators like Edward Conard and Paul Kedrosky have pointed out that today’s ownership landscape may be more systematic than discretionary: people aren’t necessarily choosing to be this exposed to equities, but are being funneled there by 401(k) auto-enrollment, target-date funds, and the sheer gravitational pull of index investing.

High-net-worth individuals and family offices are pushing the trend even further, with surveys suggesting their equity allocations often exceed traditional benchmarks.

What this means for investors

When 60% of household assets sit in equities, a 20% market drawdown doesn’t just hurt portfolios. It dents consumer confidence, slows spending, and can trigger a self-reinforcing economic downturn. Economists call this the wealth effect, and it works in both directions.

The concentration risk within indices amplifies this concern. If a handful of mega-cap names stumble, the impact cascades through index funds, 401(k)s, and pension portfolios simultaneously.

For individual investors, owning an S&P 500 index fund might feel diversified across 500 companies, but when ten names represent 40% of the weight, the effective diversification is far less than the label suggests.

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