U.S. Household Wealth Surges Past $90T, Driven by High-Net-Worth Segment’s Exposure to Stocks

Bolstered by a second consecutive year of strong equity market performance, the total financial wealth of U.S. households climbed 16% in 2024 to exceed $90 trillion by year’s end, according to a new report from research firm Cerulli Associates.

The firm found that while wealth grew across the board, the gains were most pronounced among high-net-worth households – those with $5 million or more in financial assets – due to their higher exposure to soaring U.S. stocks. By the end of 2024, Cerulli estimates these high-net-worth households controlled $49 trillion, representing 54% of the total financial wealth in the United States.

This affluent group has expanded to include 3.4 million households, including over 100,000 ultra-high-net-worth households possessing more than $50 million in financial assets. This growth is intensifying competition among financial providers vying for these wealthy clients.

“As this group begins to look for financial partners that specialize in [high-net-worth] services such as estate planning, family offices and trust management, providers will need to closely examine these service offerings to progress multi-millionaire clients through their advice relationship to this next level, or else risk losing them to firms with a renewed commitment to the segment,” warned John McKenna, research analyst at Cerulli.

In contrast to the growth at the top, the market share held by affluent households ($2 million to $5 million) and mass affluent households ($500,000 to $2 million) slightly receded. Together, these segments accounted for an estimated 36% of households at the end of 2024, down from 38% a year prior.

Despite this shift, Cerulli highlights significant opportunities within the mass affluent segment, whose largest asset category remains retirement savings, estimated at $31.9 trillion. While much of this is held in IRAs ($16.7 trillion) and current defined contribution plans ($11.7 trillion), a substantial $3.1 trillion remains in accounts with previous employers.

“With $3 trillion currently housed in retirement accounts under previous employers, there is an opportunity for advisers to bring in these assets through IRA rollovers or guaranteed income plans,” McKenna stated. He noted that households in their 60s hold nearly $2 trillion of these “orphaned” assets, representing a prime opportunity for consolidation and more flexible management.

Cerulli observes that several firms are enhancing their wealth management capabilities specifically to attract mass affluent clients, often leveraging existing relationships through employer-sponsored retirement plans. “These firms have an incumbency advantage for investors with enough financial assets to merit a full-service advisory relationship,” McKenna said, adding that “targeted outreach to these clients based on age and/or asset levels can yield significant conversion rates of clients from 401(k) holders to full-service advisory relationships.”

Headquartered in Boston, Cerulli Associates is an international research and consulting firm that provides financial institutions with guidance in strategic positioning and new business.

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