U.S. Household Wealth
Total assets held by U.S. households and nonprofits, decomposed by asset class. Data from the Federal Reserve's Flow of Funds accounts.
Updated Jan 1.
Total assets held by U.S. households and nonprofits — the broadest measure of national wealth
204.5$T
Trend YoY growth is +4.9%, slowing by 9 bps/year over the last 55Y. Latest: +7.4%, 2.5 pp above trend, a 0.47σ deviation. The latest YoY reading is boosted by 56 bps due to an easy comparison base from Jan '25. At current levels, YoY would fall to +1.1% by Jul '26 as comparisons tighten.
Level
YoY %
y = 9.9% − 9 bps/yr · t
Deviation from trend
Corporate equities held by households and nonprofits at market value — the most volatile wealth component
45.99$T
Trend YoY growth is +13.0%, accelerating by 11 bps/year over the last 54Y. Latest: +17.9%, 4.9 pp above trend, a 0.32σ deviation. The latest YoY reading is depressed by 8.2 pp due to an tough comparison base from Jan '24.
Level
YoY %
y = 7.1% + 11 bps/yr · t
Deviation from trend
Owner-occupied real estate including vacant land and mobile homes at market value
48.72$T
Trend YoY growth is +4.1%, slowing by 13 bps/year over the last 55Y. Latest: +2.6%, 1.5 pp below trend, a 0.21σ deviation. The latest YoY reading is boosted by 67 bps due to an easy comparison base from Jan '25. At current levels, YoY would fall to +0.9% by Jul '26 as comparisons tighten.
Level
YoY %
y = 11.5% − 13 bps/yr · t
Deviation from trend
Currency, deposits, and debt securities held by households — the low-risk allocation
26.11$T
Trend YoY growth is +4.0%, slowing by 11 bps/year over the last 54Y. Latest: +5.9%, 1.9 pp above trend, a 0.39σ deviation. The latest YoY reading is depressed by 91 bps due to an tough comparison base from Jan '24.
Level
YoY %
y = 10.0% − 11 bps/yr · t
Deviation from trend
Pension entitlements held by households and nonprofits — deferred compensation claims
34.24$T
Trend YoY growth is +3.2%, slowing by 15 bps/year over the last 55Y. Latest: +5.8%, 2.7 pp above trend, a 0.57σ deviation. The latest YoY reading is boosted by 54 bps due to an easy comparison base from Jan '25. At current levels, YoY would fall to -0.0% by Jul '26 as comparisons tighten.
Level
YoY %
y = 11.7% − 15 bps/yr · t
Deviation from trend
Proprietors' equity in noncorporate business at market value — illiquid wealth tied to small business
16.32$T
Trend YoY growth is +3.4%, slowing by 10 bps/year over the last 54Y. Deviations have remained below trend for 5 consecutive periods. Latest: +1.7%, 1.8 pp below trend, a 0.27σ deviation. The latest YoY reading is boosted by 1.9 pp due to an easy comparison base from Jan '24.
Level
YoY %
y = 9.0% − 10 bps/yr · t
Deviation from trend
Total household real estate minus owner-occupied — includes commercial property and other real assets
4.26$T
Trend YoY growth is +3.1%, slowing by 13 bps/year over the last 55Y. Latest: +6.4%, 3.4 pp above trend, a 0.49σ deviation. The latest YoY reading is boosted by 3.8 pp due to an easy comparison base from Jan '25. At current levels, YoY would fall to +2.5% by Jul '26 as comparisons tighten.
Level
YoY %
y = 10.0% − 13 bps/yr · t
Deviation from trend
Miscellaneous financial assets including insurance reserves, equity in GSEs, and other claims
42.73$T
Trend YoY growth is +2.5%, slowing by 14 bps/year over the last 55Y. Latest: +2.9%, 45 bps above trend, a 0.16σ deviation. At current levels, YoY would fall to +1.2% by Jul '26 as comparisons tighten.
Level
YoY %
y = 10.2% − 14 bps/yr · t
Deviation from trend
Key Insight
U.S. household wealth has become dangerously concentrated in financial assets — particularly public equities — creating an unprecedented vulnerability where a market correction could erase years of apparent prosperity.
U.S. Household Wealth
Total assets held by U.S. households and nonprofits, decomposed by asset class. Data from the Federal Reserve's Flow of Funds accounts.
Updated Jan 1.
Total assets held by U.S. households and nonprofits — the broadest measure of national wealth
204.5$T
Trend YoY growth is +4.9%, slowing by 9 bps/year over the last 55Y. Latest: +7.4%, 2.5 pp above trend, a 0.47σ deviation. The latest YoY reading is boosted by 56 bps due to an easy comparison base from Jan '25. At current levels, YoY would fall to +1.1% by Jul '26 as comparisons tighten.
Level
YoY %
y = 9.9% − 9 bps/yr · t
Deviation from trend
Corporate equities held by households and nonprofits at market value — the most volatile wealth component
45.99$T
Trend YoY growth is +13.0%, accelerating by 11 bps/year over the last 54Y. Latest: +17.9%, 4.9 pp above trend, a 0.32σ deviation. The latest YoY reading is depressed by 8.2 pp due to an tough comparison base from Jan '24.
Level
YoY %
y = 7.1% + 11 bps/yr · t
Deviation from trend
Owner-occupied real estate including vacant land and mobile homes at market value
48.72$T
Trend YoY growth is +4.1%, slowing by 13 bps/year over the last 55Y. Latest: +2.6%, 1.5 pp below trend, a 0.21σ deviation. The latest YoY reading is boosted by 67 bps due to an easy comparison base from Jan '25. At current levels, YoY would fall to +0.9% by Jul '26 as comparisons tighten.
Level
YoY %
y = 11.5% − 13 bps/yr · t
Deviation from trend
Currency, deposits, and debt securities held by households — the low-risk allocation
26.11$T
Trend YoY growth is +4.0%, slowing by 11 bps/year over the last 54Y. Latest: +5.9%, 1.9 pp above trend, a 0.39σ deviation. The latest YoY reading is depressed by 91 bps due to an tough comparison base from Jan '24.
Level
YoY %
y = 10.0% − 11 bps/yr · t
Deviation from trend
Pension entitlements held by households and nonprofits — deferred compensation claims
34.24$T
Trend YoY growth is +3.2%, slowing by 15 bps/year over the last 55Y. Latest: +5.8%, 2.7 pp above trend, a 0.57σ deviation. The latest YoY reading is boosted by 54 bps due to an easy comparison base from Jan '25. At current levels, YoY would fall to -0.0% by Jul '26 as comparisons tighten.
Level
YoY %
y = 11.7% − 15 bps/yr · t
Deviation from trend
Proprietors' equity in noncorporate business at market value — illiquid wealth tied to small business
16.32$T
Trend YoY growth is +3.4%, slowing by 10 bps/year over the last 54Y. Deviations have remained below trend for 5 consecutive periods. Latest: +1.7%, 1.8 pp below trend, a 0.27σ deviation. The latest YoY reading is boosted by 1.9 pp due to an easy comparison base from Jan '24.
Level
YoY %
y = 9.0% − 10 bps/yr · t
Deviation from trend
Total household real estate minus owner-occupied — includes commercial property and other real assets
4.26$T
Trend YoY growth is +3.1%, slowing by 13 bps/year over the last 55Y. Latest: +6.4%, 3.4 pp above trend, a 0.49σ deviation. The latest YoY reading is boosted by 3.8 pp due to an easy comparison base from Jan '25. At current levels, YoY would fall to +2.5% by Jul '26 as comparisons tighten.
Level
YoY %
y = 10.0% − 13 bps/yr · t
Deviation from trend
Miscellaneous financial assets including insurance reserves, equity in GSEs, and other claims
42.73$T
Trend YoY growth is +2.5%, slowing by 14 bps/year over the last 55Y. Latest: +2.9%, 45 bps above trend, a 0.16σ deviation. At current levels, YoY would fall to +1.2% by Jul '26 as comparisons tighten.
Level
YoY %
y = 10.2% − 14 bps/yr · t
Deviation from trend