Record Percentage Of The Population Own Stock Portfolios Worth More Than $500,000

Author: Hayden Buckfire | July 19, 2024 03:12pm

Stock market investing has become increasingly popular, with a good portion of Americans who have accrued substantial wealth.

The Data: A post on X relayed data from the University of Michigan Survey of Consumer Sentiment.

The University of Michigan Survey of Consumer Sentiment shows that a record-high 30% of the population has stocks worth more than $500,000,

and 37% own a home worth more than $500,000 -Torsten pic.twitter.com/khbUA7kLiq

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) July 19, 2024

According to the survey, 30% of the U.S. population now have a stock market portfolio worth more than $500,000.

That figure is nearly double the amount in September 2022 during the market’s downturn. The SPDR S&P 500 ETF Trust (NYSE:SPY) is up over 40% since then.

It is unclear what percentage of the portfolios are in retirement accounts.

The data also reveals that 37% of respondents own a home worth more than $500,000, representing a larger trend of housing unaffordability during a period of high interest rates. Under 10% own a home worth less than $100,000.

Why it Matters: Americans have accrued substantial wealth since the COVID-19 pandemic, but much of it has gone toward higher costs for shelter. According to data from Redfin, U.S. renters must earn $66,000 to afford a typical apartment.

Meanwhile, households have allocated a higher percentage of their wealth to the stock market in recent years. U.S. household financial asset allocations in the equities market hit an all-time high in the first quarter of 2024 at 41.59%.

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Photo: Shutterstock

Posted In: SPY