US households and nonprofits allocated a record 48.23% of their financial assets to corporate equities in the second quarter of 2026, according to the Federal Reserve (U.S. central bank). The figure rose from 44.66% in the first quarter and exceeded every previous peak, including the late-1990s dot-com bubble. The long-term average since 1945 is 24.5%, while the record-low allocation was 9.5% in the second quarter of 1982. Household and nonprofit net worth increased by approximately $12.8 trillion in the second quarter of 2026 to about $183 trillion, with equity markets providing the main boost. Equity holdings had reached $67.77 trillion by the end of 2025, or about 33% of total household net worth, after rising $10.31 trillion during 2025. The wealth effect (spending changes caused by asset-price movements) is uneven, as the wealthiest 10% of US households control approximately 87% of equity wealth. Goldman Sachs said the shift toward stocks increases exposure to market swings, which could weigh on consumer spending. Earlier allocation peaks in the late 1990s and 2021 were followed by significant declines, while analysts have linked high equity allocations to weaker subsequent performance and attributed the current rise to strong markets and movement away from cash and bonds.