Stock ownership in the United States is spread unevenly across age groups. Older Americans hold most of the shares, while younger investors trade more often and favor different types of stocks.
This article pulls together data from Gallup, the Federal Reserve, a Motley Fool survey of 2,000 investors, and several other reports. It looks at how many Americans own stock, who holds the value, and how each generation invests.
The figures come from different surveys with different methods. Where numbers differ, the article names the source so readers can compare them.
The sections below move from the broad picture to the details. They cover wealth, age, retirement accounts, AI stocks, trading habits, goals, and dividends.
How Many Americans Own Stock in 2026
Gallup’s April 2026 survey found that 58% of U.S. adults own stock. That is about 156 million people. The figure is down from 62% a year earlier and is the first decline since 2016.
Gallup counts stock held directly or through a mutual fund, index fund, or self-directed retirement account. Most owners hold shares inside retirement plans, not in a regular brokerage account.
The Federal Reserve’s 2025 Survey of Household Economics and Decision-making shows this split. It found that 61% of adults have a retirement account such as a 401(k), IRA, or Roth IRA. Only 37% hold stocks, bonds, ETFs, or mutual funds outside a retirement account.
The Fed’s Survey of Consumer Finances gives a longer view. In 2022, 58% of families held stock in some form, but only 21% held individual shares directly. Direct ownership has stayed near 20% for about three decades.
This matters for how ownership is counted. A person with a 401(k) invested in index funds counts as a stock owner, even if they never place a trade. Direct buyers make more active choices and tend to be older and wealthier.
| Measure | Source | Share |
|---|---|---|
| Adults who own stock, April 2025 | Gallup | 62% |
| Adults who own stock, April 2026 | Gallup | 58% |
| Adults with a retirement account | Federal Reserve SHED 2025 | 61% |
| Adults holding investments outside retirement accounts | Federal Reserve SHED 2025 | 37% |
| Families holding stock in any form, 2022 | Federal Reserve SCF | 58% |
| Families holding stock directly, 2022 | Federal Reserve SCF | 21% |
Who Holds the Value: Stock Ownership by Wealth
Owning stock and owning a lot of stock are different things. Federal Reserve data show that the wealthiest 1% of Americans hold about 50% of all equities. That is roughly $27.6 trillion as of the first quarter of 2026.
The top 10% by wealth hold 87% of equities, worth about $48 trillion. The bottom 90% hold the remaining 13%, which is less than the top 1% holds alone.
The bottom 50% by net worth own about 1% of stocks, worth roughly $590 billion. When the S&P 500 gains 20% in a year, the top 1% captures about half of the gain in dollar terms.
Even among families that own stock, the typical holding is small. The median value was $52,000 in 2022, counting mutual funds and retirement accounts. For families that hold shares directly, the median was $15,000, the lowest on record in that survey.
This gap reflects a shift toward fund-based investing. Retirement accounts and mutual funds give more families some market exposure. The families that hold shares directly still gain the most from market growth.
| Wealth group | Share of U.S. equities | Approximate value |
|---|---|---|
| Top 1% | 50% | $27.6 trillion |
| Top 10% | 87% | $48 trillion |
| Bottom 90% | 13% | Not stated |
| Bottom 50% | 1% | $590 billion |
Stock Ownership by Generation
Baby boomers hold 54% of all U.S. equities, worth $29.71 trillion, according to the Federal Reserve’s Distribution of Financial Accounts for the first quarter of 2026. Gen X holds 22%, or $12.23 trillion. Millennials hold 9%, or $4.94 trillion.
The Fed does not report a separate equity figure for Gen Z in that release. The 2025 SHED found that 36% of Gen Z hold stocks through a retirement account and 20% hold stocks outside one.
Younger households are gaining ground from a low starting point. People under 40 own about 6% of equities, a share that has doubled this decade. The value of the stock they own is up about three times since 2020, according to data cited by investment writer Ben Carlson.
Baby boomers hold more than half of all equities. Gen X and millennials together hold less than a third. The pattern follows the years each group has had to save, earn, and let investments grow.
| Generation | Share of U.S. equities | Value |
|---|---|---|
| Baby boomers | 54% | $29.71 trillion |
| Gen X | 22% | $12.23 trillion |
| Millennials | 9% | $4.94 trillion |
| Other groups (not broken out) | 15% | Not stated |
Net Worth by Age Group
Wealth follows age closely. Households headed by someone aged 65 to 74 have a median net worth near $1.2 million, based on Federal Reserve Survey of Consumer Finances reports. Households headed by someone under 35 have a median below $15,000.
Gen X households, typically aged 44 to 59, have a median net worth around $450,000. Millennials, now roughly 28 to 43, sit near $130,000. The 65 to 74 group holds about one-third of total U.S. household wealth.
Averages run higher than medians because older households hold large amounts of stock and real estate. Homeownership and stock market participation remain lower for younger groups.
Younger investors are finding new routes into the market. The SEC notes that they increasingly use low-cost brokerages and robo-advisors.
Canadian data show a similar pattern, though they cover a different country. Statistics Canada found that a typical Gen X head of household at age 40 had about $500,000 in assets and $100,000 in debt. A baby boomer at the same age had under $300,000 in assets and about $30,000 in debt.
The same agency reported that Canadian millennials aged 25 to 34 had a median net worth of $70,600 in 2019. That was almost twice the level Gen X had at the same age.
| Group | Typical age | Median net worth |
|---|---|---|
| Gen Z and under 35 | Under 28 to 35 | Below $15,000 |
| Millennials | 28 to 43 | About $130,000 |
| Gen X | 44 to 59 | About $450,000 |
| Older households | 65 to 74 | About $1.2 million |
Young Investors and Retirement Accounts
Young Americans face high housing costs, student loans, and inflation. Even so, the data show growing use of tax-deferred accounts. The share of IRA accounts held by people under 30 has nearly doubled in the last 10 years, based on Wall Street Journal data cited by Carlson.
Fidelity Investments reported that Gen Z IRA contributions grew 65% year over year in the first quarter of 2026. Millennial contributions grew 31%. Three-quarters of people age 35 and under chose Roth accounts, compared with fewer than half a decade ago.
History adds context. In the early 1950s, just 4% of U.S. households owned stocks. By the early 1980s the figure was 19%, and it rose quickly in the 1990s. In 2022, 58% of families held stock in some form.
Carlson points to lower barriers as one reason. Technology makes investing easier, fees have fallen, and minimum balances have mostly disappeared. He also notes that expensive housing may leave some young people with more cash to invest in stocks.
Carlson argues that more people should be invested, and the earlier the better. Time in the market matters because gains in retirement accounts compound for decades if they are left alone.
| Period | Share owning stock | Group measured |
|---|---|---|
| Early 1950s | 4% | Households |
| Early 1980s | 19% | Households |
| 2022 | 58% | Families |
AI Stocks Lead the Generation Gap
The Motley Fool surveyed 2,000 U.S. investors aged 18 and over. About 59% of them hold AI-related stocks, and younger investors are more likely to own them. The share is 68% for Gen Z and 65% for millennials, compared with 48% for Gen X and 38% for baby boomers.
Most younger owners plan to hold for the long term. In the survey, 43% of millennials and 41% of Gen Z described themselves as long-term holders of AI stocks. Only 10% of Gen Z and 10% of millennials say they have no plans to buy them, against 19% of Gen X and 35% of boomers.
Views on AI’s effect on the market also split by age. About 73% of millennials and 67% of Gen Z expect a positive impact on market returns over the next 10 years. Among boomers, 42% expect a positive impact and 16% expect a negative one, the highest negative reading of any group.
Overall, 56% of investors expect AI stocks to beat the broader market over the next decade. About 22% of Gen X and 22% of boomers believe AI gains are already priced in, compared with 14% of millennials.
A separate survey question asked which sectors investors hold. AI-related stocks were held by 74% of Gen Z and 69% of millennials, compared with 53% of Gen X and 39% of boomers. That was the largest generational gap of any sector in the survey.
| Generation | Own AI stocks | Expect AI stocks to beat the market |
|---|---|---|
| Gen Z | 68% | 59% |
| Millennials | 65% | 63% |
| Gen X | 48% | 48% |
| Baby boomers | 38% | 42% |
Types of Stocks and Portfolio Size
Growth stocks are the most common type, held by 57% of investors overall. They are the top pick for Gen Z at 61%, millennials at 58%, and Gen X at 55%.
Younger investors are more likely to own value stocks. The share is 51% for Gen Z and 43% for millennials, compared with 32% for both Gen X and boomers. They are also more than twice as likely to hold speculative stocks such as penny stocks or meme stocks.
Older investors lean toward large, established names. About 48% of boomers hold U.S. stocks, versus 35% of Gen Z. Boomers and Gen X also hold more oil and gas stocks, bank stocks, and biotech or medical device stocks.
Opinions on portfolio size differ too. In the survey, 37% of Gen Z say 1 to 5 stocks can make a high-performing portfolio, versus 24% of boomers. Meanwhile 22% of boomers say a strong portfolio needs more than 20 stocks, compared with 8% of Gen Z.
The Motley Fool recommends owning at least 25 stocks across several industries. It adds that the right number depends on risk tolerance and how closely an investor wants to follow each holding.
Thematic stocks, a category that includes AI, clean energy, and biotech, are held by 9% of boomers and 11% of Gen X. The share is 5% for Gen Z and 7% for millennials. Younger investors may prefer broad holdings such as growth stocks and index funds.
| Stock type | Gen Z | Millennials | Gen X | Baby boomers |
|---|---|---|---|---|
| Growth stocks | 61% | 58% | 55% | Not stated |
| Value stocks | 51% | 43% | 32% | 32% |
| Speculative stocks | 16% | 11% | Not stated | 5% |
| REITs | 22% | 18% | Not stated | 8% |
| Oil and gas stocks | Not stated | Not stated | 18% | 21% |
| Bank stocks | Not stated | Not stated | 15% | 18% |
How Often Each Generation Trades
Younger investors trade far more often than older ones. About 47% of Gen Z and 39% of millennials trade at least once a week. That compares with 22% of Gen X and 15% of baby boomers.
Daily trading is most common among Gen Z at 15% and millennials at 13%. Gen X and boomers each come in at 6%. At the other end, 60% of boomers trade less than once a month, against 12% of Gen Z.
Frequent trading has costs. These include transaction fees, short-term capital gains taxes, and the risk of emotional decisions. Research consistently shows that most active traders do worse than a simple buy-and-hold approach over time.
When picking stocks, all generations rely most on fundamentals. A company’s competitive advantage, trust in leadership, and dividend payments rank highest. Social media ranks last, and TikTok creators are the least influential source for every generation.
AI tools such as ChatGPT rank seventh of 10 factors overall. Gen Z gives them a higher ranking than boomers do, but they still sit in the middle of the list.
Paid advisory services matter more to older investors. Boomers rank them 4.9 on the 10-point scale, compared with 5.5 for Gen Z. Free investing websites and blogs score about the same across all groups, between 5.3 and 5.7.
| Trading frequency | Gen Z | Millennials | Gen X | Baby boomers |
|---|---|---|---|---|
| Weekly or more | 47% | 39% | 22% | 15% |
| Daily | 15% | 13% | 6% | 6% |
| Less than once a month | 12% | 18% | 41% | 60% |
Investment Goals by Generation
Retirement is the main goal for older investors. It is the primary goal for 71% of baby boomers and 61% of Gen X. For millennials the share is 42%, and for Gen Z it is 33%.
Retirement savings is still the single most common goal for Gen Z, at 24% on its own. Long-term wealth building is close behind at 19%, well above Gen X at 9% and boomers at 7%.
Saving for a major purchase such as a home or car is more common among younger investors. The share is 9% for Gen Z and 4% for millennials, versus 2% for Gen X and 1% for boomers.
Financial independence, retire early, known as FIRE, is most popular with Gen X at 5%. Interest in the idea is similar across all four generations.
| Goal | Gen Z | Millennials | Gen X | Baby boomers |
|---|---|---|---|---|
| Retirement savings or income | 33% | 42% | 61% | 71% |
| Long-term wealth building | 19% | Not stated | 9% | 7% |
| Major purchase (home or car) | 9% | 4% | 2% | 1% |
| FIRE | Not stated | Not stated | 5% | Not stated |
Dividend Investing and Where Investors Learn
Dividend stocks are a regular part of portfolios in every generation. Between 14% and 16% of investors in each group put more than half their portfolio into them. For most investors, dividend stocks make up less than half of their holdings.
Reliable income is the top reason Gen Z (45%) and millennials (44%) own them. Long-term compounding follows at 43% for both groups, but only 31% of boomers cite it.
Behavior differs by age. About 61% of boomers reinvest dividends automatically, compared with 53% of Gen X, 41% of millennials, and 30% of Gen Z. Younger investors are more likely to spend the income.
More than half of Gen Z (57%) and millennials (52%) see dividend investing as a side hustle or an alternative to gig work. Only 29% of Gen X and 16% of boomers agree.
Learning sources also vary. YouTube is the top source for Gen Z at 67% and millennials at 56%, but only 26% of Gen X and 14% of boomers use it. TikTok is used by 47% of Gen Z and 4% of boomers.
Reddit is used by 29% of Gen Z and 3% of boomers. Half of boomers (50%) turn to a financial advisor for dividend advice, compared with 24% of Gen Z.
| Habit | Gen Z | Millennials | Gen X | Baby boomers |
|---|---|---|---|---|
| See dividends as a side hustle | 57% | 52% | 29% | 16% |
| Reinvest dividends automatically | 30% | 41% | 53% | 61% |
| Learn on YouTube | 67% | 56% | 26% | 14% |
| Learn on TikTok | 47% | Not stated | 11% | 4% |
| Learn on Reddit | 29% | 24% | 8% | 3% |
Risk Appetite and What the Data Shows
A 2022 Statista survey asked how people would invest $100,000. Nearly half of baby boomers and the Silent Generation chose stocks. The share was 53% for Gen X, 63% for millennials, and 81% for Gen Z.
Other research points the same way on risk and values. A 2022 Stanford study found that two-thirds of investors aged 58 and older are only somewhat concerned, or not at all, about environmental and social issues. About two-thirds of millennial and Gen Z investors are very concerned.
Savings habits also differ. A 2022 State Street Global Advisors study found that just 1 in 20 Gen X investors cut retirement contributions because of inflation, compared with 18% of millennials and 11% of boomers.
An April 2021 Motley Fool survey found that about 73% of Gen Z owned stocks, and that cryptocurrency was also popular with them. A 2017 Accenture report found that 67% of millennials wanted computer-generated recommendations as part of their strategy.
Younger investors also lean on different tools. A 2020 Morningstar survey of 1,300 Americans aged 18 to 25 found that only 18% had used a robo-advisor. About 3 in 10 had seen a human financial advisor.
Some of these studies are several years old, so readers should treat them as background rather than current readings. The newer figures from Gallup, the Fed, and The Motley Fool give a clearer picture of 2026.
Taken together, the data show a clear pattern. Boomers and Gen X hold most of the value and favor steady, long-term habits. Gen Z and millennials own less, but they trade more often, buy more AI stocks, and are putting more money into retirement accounts.
Overall ownership slipped to 58% in 2026, and wealth remains concentrated at the top. The next surveys will show whether younger investors keep closing the gap.
Sources
- How many Americans own stock? The top 1% own more than the bottom 90% combined (The Motley Fool and Stacker)
- The Motley Fool’s Generational Investing Trends Survey
- Young People Like Stocks (Ben Carlson)
- Wealth by Age Group: Latest Data on Net Worth Across Generations
- How investing styles differ across generations (Stacker)
