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Goldman: U.S. equity wealth now dominates real assets, signaling S&P upside

Jul 23, 2026, 10:11 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Macro shift toward equities as the primary wealth driver can elevate equity risk appetite and support the S&P 500, particularly if consumer spending remains resilient; similar to past wealth-effect-driven rallies when households increase stock exposure.

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Goldman Sachs notes U.S. equity holdings have surpassed real estate as the share of net financial wealth for the first time since World War II, underscoring stocks as the main engine of household wealth and the wealth effect on consumer spending. This shift could sustain demand for the S&P 500 as households favor equity investments amid resilient consumer behavior.

Goldman notes U.S. equity holdings exceed real estate in net financial wealth.
First time since WWII this shift occurs; stocks drive wealth and spending.
Equity gains cited as the dominant driver of household wealth accumulation.
Note suggests potential spillovers to the S&P 500 and consumer stocks.

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