US households hold record $20 trillion cash pile
The Kobeissi Letter, citing Bank of America Research, reported that US households hold a record $20 trillion in cash, 33% above the long-term trend. Equity holdings have reached $72 trillion, also 33% above trend, while debt securities stand at $11 trillion, 25% above trend. This data coincides with a record increase in US millionaires, totaling 441,078 in 2025.
*this image is generated using AI for illustrative purposes only.
US households are holding a record cash buffer despite record equity exposure, according to market commentator The Kobeissi Letter. Citing Bank of America Research data, the analysis indicates that household cash, stock, and bond holdings remain well above their long-term trends. The data highlights a significant accumulation of liquid assets alongside substantial investments in equities and debt securities.
Asset Holdings vs. Long-term Trends
The Bank of America Research Investment Committee exhibit, based on Haver Analytics and Federal Reserve Flow of Funds data, compares US household financial assets with a linear trend from 2009 through 2019. The analysis reveals that household equity holdings have reached approximately $72 trillion. This represents an increase of about $18 trillion, or 33%, above the established long-term trend. The report further notes that household stock ownership has more than doubled since 2020.
Concurrently, cash and cash equivalent holdings have risen to roughly $20 trillion, an all-time high. This cash pile is about $5 trillion, or 33%, higher than the long-term trend displayed in the exhibit. Households also hold a record $11 trillion in debt securities, such as bonds, which is approximately $2.2 trillion, or 25%, above the trend.
| Asset Class | Holdings | Above Trend Amount | % Above Trend |
|---|---|---|---|
| Equity | $72 trillion | $18 trillion | 33% |
| Cash & Equivalents | $20 trillion | $5 trillion | 33% |
| Debt Securities | $11 trillion | $2.2 trillion | 25% |
Wealth Context
The latest data arrives as US household wealth continues to climb alongside strong financial markets. The UBS Global Wealth Report 2026 estimated that the US added 441,078 new millionaires in 2025. Americans now account for more than 40% of the world's millionaires. The report also stated that global personal wealth rose 10.8% last year, driven by gains in financial and non-financial assets.
Separate data earlier this year showed that US household equity exposure had reached record levels, underscoring the close tie between household balance sheets and stock market performance. Another analysis highlighted that much of these gains have been concentrated among the wealthiest households. The Bank of America Research exhibit adds that aggregate household cash and debt security holdings have also climbed well above their long-term trends.
What potential market risks could arise if households decide to rapidly deploy their record cash buffers into equities?
How might the concentration of these asset gains among the wealthiest households impact broader consumer spending patterns?
What are the implications for bond yields if households begin to rotate funds out of record debt security holdings?
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