US Households Hold Record $72 Trillion in Stocks and $20 Trillion in Cash
US household equity holdings hit a record ~$72 trillion, while cash and equivalents reached an all-time high of $20 trillion, both significantly above long-term trends.
US households are sitting on a massive cash pile despite record equity exposure. Household equity holdings have reached a record ~$72 trillion, which is $18 trillion (or +33%) above the long-term trend from 2009 to 2019. Stock ownership has more than doubled since 2020.
Meanwhile, cash and cash equivalent holdings have risen to $20 trillion, also an all-time high. This exceeds the long-term trend by $5 trillion (+33%). Additionally, households own a record $11 trillion in debt securities such as bonds, $2.2 trillion (+25%) above trend. American households have never had a bigger cash buffer.
Source: The Kobeissi Letter