The stock market rally is making US asset owners richer than ever:
The value of equities held by US households is up to a record $57.7 trillion, up +156% since 2020.
This is now more than the total value of real estate by $9.8 trillion, or 20%, the widest gap on record.
Since the 1980s, there has never been a sustained period when the value of household equities exceeded real estate, outside of a few quarters in 2020 and 2021.
As a result, equities account for a record 33% of total assets held by Americans and a record 47% of total financial assets.
By comparison, at the 2000 Dot-Com Bubble peak, these figures were 27% and 39%, respectively.
Equity holders are seeing historic market conditions.
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