62% own stock - do Trump voters?
Coolio, Montell Jordan, and Whitney Houston
On my way to meet Sloane Margaret Taylor. She’s two weeks and two hours old and first born to our first born.
Now that the global economy and stock markets are in full discussion, I thought it would be a good time to share some basic information on U.S. stock ownership with a Donald Trump political base overlay.
Over at The Intersection, I discussed the pending lawsuit on the tariffs.
With a vibrant election this year in Virginia, I thought it might help all of us political nerds nerdling around here in Election Nerd Disneyland.
Recent estimates suggest that around 62% of U.S. adults own stock in some form. With an adult population of approximately 260 million in 2023 (a figure that hasn’t shifted dramatically in two years), this translates to roughly 162 million Americans invested in the stock market.
This percentage comes from Gallup’s 2023 survey, which found 61% of adults owned stock—either directly, through mutual funds, or via retirement accounts like 401(k)s or IRAs—and other sources like The Motley Fool align closely, estimating 62% or about 158-162 million adults.
Stock ownership in the U.S. isn’t evenly distributed across the population.
Here’s a breakdown of who these investors tend to be, based on demographic and economic patterns:
1. Income Levels
High-Income Earners
Ownership skews heavily toward the wealthy. About 87% of adults with household incomes of $100,000 or more own stock, per Gallup. The top 10% of income earners hold roughly 70% of all stock value, with median holdings around $432,000 per household (Federal Reserve, 2019 data adjusted for trends).
Middle-Income
Around 65% of middle-income Americans (typically $40,000-$100,000 household income) own stock, often through retirement plans.
Low-Income
Only about 25% of those earning less than $30,000-$40,000 annually are invested, with much smaller portfolios (median around $15,000 for middle-class households, even less for lower-income).
2. Race and Ethnicity
White Americans
They dominate stock ownership, with 66% of White families invested (Pew Research, 2022). They own 88.5% of total stock value ($41.45 trillion), despite being about 60% of the population.
Black Americans
Only 39% of Black families own stock, holding just 2% of total stock value, reflecting both lower income and historical barriers to wealth-building.
Hispanic Americans
About 28% of Hispanic families are invested, owning roughly 1% of stock value, similarly tied to income and access disparities.
Asian Americans
Data is less detailed, but their median net worth exceeds other groups, suggesting higher ownership rates, though specific stock figures aren’t consistently broken out.
3. Age Groups
Older Adults (55+)
Stock ownership increases with age. Those 65 and older own 43% of stock market value, with a median portfolio of $109,000 (Federal Reserve). Baby Boomers hold about $25 trillion in stocks.
Middle-Aged (45-54)
This group has the highest ownership rate at 58% of families (2019 data), likely peaking now as they save for retirement.
Younger Adults (Under 35)
Only about 1.4% of stock value belongs to this group, with a median portfolio of $7,360, though Gen Z and Millennials are increasing participation (7.9% of stock value for Millennials).
4. Education
College Graduates
77% of college grads and 84% of those with postgraduate degrees own stock, compared to 33% of those without post-secondary education (Gallup, 2020).
5. Wealth Distribution
The wealthiest 10% of Americans own 93% of all stocks (Federal Reserve, Q3 2023), while the bottom 50% hold just 1%. The top 1% alone own $16 trillion in stocks, dwarfing the $0.3 trillion held by the bottom half
How They Invest
Most Americans don’t buy individual stocks directly (only 21% of families do).
Retirement Accounts 54% of families have 401(k)s, IRAs, or similar plans, the most common way to own stock indirectly.
Mutual Funds/ETFs
These pooled investments are popular, especially among middle-income and younger investors.
Direct Ownership
More common among the wealthy or younger retail investors using apps like Robinhood (a trend boosted by the COVID era).
Summary
Roughly 162 million Americans are invested in the stock market as of recent estimates.
They’re disproportionately wealthy, White, older, and educated, with the top 10% controlling the vast majority of stock value.
Middle-income and younger investors are growing in number, but racial and economic gaps persist, meaning the benefits of stock market gains—like the S&P 500’s 155% rise over the past decade—mostly flow to those already well-off.
In the 2024 U.S. presidential election, Donald Trump secured a victory over Kamala Harris, winning both the Electoral College (312 to 226) and the popular vote with approximately 77.3 million votes, or 49.8% of the total cast.
His voter base was diverse but showed distinct patterns across demographic groups, building on his traditional support while making gains in areas typically aligned with Democrats.
Here’s a breakdown of who voted for Trump based on available data:
White Voters: Trump maintained strong support among white voters, particularly those without college degrees. About 55% of white voters overall supported him, with a significant 66% of white voters without a college education backing him. White men favored Trump at 60%, while 53% of white women also voted for him, consistent with previous elections. White evangelical Protestants were a key bloc, with 85% supporting Trump, alongside majorities of white Catholics (59%) and white mainline Protestants (57%).
Men: Trump won men overall by a margin of 54% to 43%. This included notable shifts among younger men and men of color. For instance, men under 45 supported him 52% to 44%, a significant swing from 2020 when they favored Joe Biden.
Latino Voters: Trump made substantial inroads with Latino voters, particularly Latino men. Overall, 42% of Hispanic voters supported him, up from 2020, with Latino men narrowly favoring him at 47% (or as high as 50% in some surveys) compared to 38% of Latina women. This marked a shift from Biden’s stronger performance with this group in 2020.
Black Voters: While Black voters overwhelmingly supported Harris (81%), Trump doubled his support among Black men under 45, with about 24% to 30% voting for him, compared to just 9% of Black women. Overall, 16% of Black voters backed Trump, up from 8% in 2020.
Young Voters: Among voters aged 18-29, Trump garnered 46% support, a 10-point increase from 2020, though Harris still led slightly at 52%. Young men, in particular, shifted toward Trump, with 56% voting for him, flipping from a majority for Biden in 2020.
Rural and Suburban Voters: Trump dominated rural areas, reclaiming full strength from a slight dip in 2020, and grew his suburban vote. These areas, often tied to his "America First" messaging, remained a cornerstone of his support.
Economic and Issue-Driven Voters: Trump’s appeal was heavily tied to economic concerns, with 60% of voters citing the economy as their top issue; he won these voters overwhelmingly. Among those prioritizing immigration (31% of the electorate), Trump secured a nearly 70-point margin, reflecting his hardline stance resonating with voters dissatisfied with border policies.
Republicans and Independents: Over 90% of Republican voters (94%) backed Trump, while he also won 44% of independents, compared to Harris’s 53%. This narrow independent split highlights his ability to peel off some centrist support.
Trump’s coalition in 2024 was anchored by his traditional base—white, non-college-educated, rural, and evangelical voters—while expanding into younger demographics, men across racial lines, and a notable slice of Latino and Black voters.
h/t sourcing to GROK AI
Since we are fully discussing trade policy - Free and Fair etc…let’s go back to 1995.
Yes, these are THIRTY years ago. ugh.