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Equities

Who owns US equities

Federal Reserve Financial Accounts of the United States (Z.1) · 2026 Q2, release of 11 Sep 2026 · next release 10 Dec 2026

Foreign investors hold 20.3% of US-issued corporate equities (2026 Q2, −0.1 pp y/y); US residents hold 14.2% of their own equity holdings in foreign shares (ratios: Global Macro Expert calculation from Federal Reserve Z.1).

Equities held, all sectors▲ 16.6% q/q
US + foreign issues, market value2026 Q2
123.7USD tn
US issues 109.2 + foreign 14.4
US-issued equities▲ 26.3% y/y
All domestic issuers, market value2026 Q2
109.2USD tn
Public 93.6 · closely held 15.6
Foreign-owned US equities▼ 0.1 pp y/y
% of US-issued equities2026 Q2
20.3%
USD 22.2 tn · GME ratio
Households
% of all equities held2026 Q2
42.1%
USD 52.1 tn · +31.5% y/y
Investment funds (non-MMF)
% of all equities held2026 Q2
26.5%
USD 32.8 tn · +22.1% y/y
Pension funds
% of all equities held2026 Q2
8.2%
USD 10.2 tn · +19.7% y/y
US holdings abroad
Foreign equities held by US residents2026 Q2
14.4USD tn
14.2% of US residents' holdings · GME
Home bias▼ 0.4 pp y/y
Foreign share of US residents' equities2026 Q2
14.2%
GME ratio from Z.1

Holders of corporate equities, 2026 Q2

Market value, USD tn · % of all corporate equities held by all sectors (US and foreign issues)1
HolderUSD tn% of all held1q/q, %y/y, %
Households and nonprofits52.1242.1+18.4+31.5
Investment funds (non-MMF)32.8226.5+15.5+22.1
Rest of the world
20.3% of US-issued equities1
22.2118.0+17.3+25.7
Pension funds10.188.2+13.0+19.7
Insurance companies1.541.2+10.3+9.8
General government0.660.5+11.8+31.4
Other domestic nonfinancial (mainly nonfinancial businesses)
Global Macro Expert calculation: domestic nonfinancial - households - government
3.873.1––
Other domestic financial (banks, broker-dealers, others)
Global Macro Expert calculation: domestic financial - funds - pension funds - insurers
0.280.2––
All sectors' holdings123.69100.0+16.6+25.9
Issues = holdings
US-issued corporate equities LM883164105.Q109.24
of which public LM883164115.Q93.61
of which closely held LM883164125.Q15.64
+ Foreign issues held by US residents LM263164105.Q14.44
= Corporate equities held by all sectors LM893064105.Q123.69
Source: Board of Governors of the Federal Reserve System, Financial Accounts of the United States (Z.1), release 2026-09-11. · Shares and changes: Global Macro Expert calculation

Who has gained and lost share

Quarterly · domestic holders: % of all corporate equities held; rest of the world: % of US issues (annual values before 1952)
Households and nonprofits (% of all held)Investment funds (non-MMF) (% of all held)Rest of the world (% of US issues)Pension funds (% of all held)Insurance companies (% of all held)
Source: Board of Governors of the Federal Reserve System, Financial Accounts of the United States (Z.1), release 2026-09-11. · Shares: Global Macro Expert calculation

Cross-border equity holdings of the United States

Quarterly, market value · levels in USD tn, or ratios: foreign ownership of US issues and the foreign share of US residents' equity holdings
USD tn
Source: Board of Governors of the Federal Reserve System, Financial Accounts of the United States (Z.1), release 2026-09-11. · Ratios: Global Macro Expert calculation

Two measures of the US market, end of 2025

USD tn · World Bank (exchange-based, listed domestic companies) and Federal Reserve Z.1 (all US issuers) at the same date
World Bank: market capitalization of listed domestic companies CM.MKT.LCAP.CD68.9
Z.1: all US issues LM883164105.Q95.6
of which closely held12.5
of which public83.2
− equities issued by non-MMF investment funds LM693164105.Q14.2
= public issues less investment-fund issues (Global Macro Expert calculation)68.9

The World Bank definition excludes investment funds; Z.1 counts their shares as corporate equities and also counts closely held companies.4 Not reconciled line by line by either publisher; shown side by side at the same date.

Source: Board of Governors of the Federal Reserve System, Financial Accounts of the United States (Z.1), release 2026-09-11. · World Bank, World Development Indicators (source: World Federation of Exchanges), CC BY 4.0, accessed 2026-10-15

Notes, definitions and sources

  1. Two bases. All sectors' holdings (LM893064105.Q, USD 123.7 tn) = US issues (LM883164105.Q, USD 109.2 tn) + foreign issues held by US residents (LM263164105.Q, USD 14.4 tn). Holder shares are of all corporate equities held, US and foreign issues; the rest of the world holds US issues only, so its share is taken of US issues (20.3%; 18.0% of all equities held).
  2. Federal Reserve series descriptions: Z1/Z1/LM383064105.Q “Domestic nonfinancial sectors; corporate equities; asset”; Z1/Z1/LM153064105.Q “Households and nonprofit organizations; corporate equities; asset”; Z1/Z1/LM363064105.Q “General government; corporate equities; asset”; Z1/Z1/LM793064105.Q “Domestic financial sectors; corporate equities; asset”; Z1/Z1/LM593064105.Q “Pension funds; corporate equities; asset”; Z1/Z1/LM263064105.Q “Rest of the world; U.S. corporate equities; asset”; Z1/Z1/LM263164105.Q “Rest of the world; foreign corporate equities excluding foreign investment fund shares; liability”; Z1/Z1/LM893064105.Q “All sectors; corporate equities; asset”; Z1/Z1/LM883164115.Q “All domestic sectors; public corporate equities; liability”; Z1/Z1/LM883164125.Q “All domestic sectors; closely held corporate equities; liability”; Z1/Z1/LM523064105.Q “Insurance companies; corporate equities; asset”; Z1/Z1/LM883164105.Q “All domestic sectors; corporate equities; liability”; Z1/Z1/LM693064105.Q “Non-MMF investment funds; corporate equities; asset”; Z1/Z1/LM693164105.Q “Non-MMF investment funds; corporate equities; liability”. Levels at market value, not seasonally adjusted, converted from USD millions to USD billions and trillions.
  3. Checks (every quarter since 1945): domestic nonfinancial + domestic financial + rest of the world = all sectors' holdings (largest relative deviation 0.000%); US issues + foreign issues held by US residents = all sectors' holdings (largest relative deviation 0.000%); public + closely held = all US issues (largest relative deviation 0.000%).
  4. Two measures of the US market, end of 2025. World Bank (data: World Federation of Exchanges): market capitalization of listed domestic companies USD 68.9 tn; its definition excludes Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies (World Bank WDI, CM.MKT.LCAP.CD). Federal Reserve Z.1, 2025 Q4: all US issues USD 95.6 tn, of which public USD 83.2 tn and closely held USD 12.5 tn; equities issued by non-MMF investment funds USD 14.2 tn. Public issues less investment-fund issues: USD 68.9 tn (Global Macro Expert calculation). Not reconciled line by line by either publisher; shown side by side at the same date.
  5. Shares, ratios, quarterly and annual changes and the two "other" rows (domestic nonfinancial minus households and government; domestic financial minus funds, pension funds and insurers) are Global Macro Expert calculations.
  6. Release of 11 Sep 2026; next release 10 Dec 2026 (as announced by the Federal Reserve).