Americans now own a record 45% of wealth in stocks, raising concerns over risk and inequality.

Americans now hold a record 45% of their financial assets in stocks, driven by rising markets, 401(k) growth, and widespread investing, according to Federal Reserve data. This surge, fueled by a handful of tech giants and AI-driven gains, has increased exposure to market risks amid a fragile labor market and inflation. Economists warn high stock ownership—surpassing even the dot-com era—signals potential vulnerability, with concentrated gains raising concerns about future returns and a growing economic divide, as wealth benefits the affluent while many Americans face stagnant wages and rising costs.