Equities surpass real estate as top US wealth driver for first time since WW2, Goldman says | Reuters

>July 23 (Reuters) - U.S. equity holdings have surpassed real estate as a share of net financial wealth for the first time since World War Two, Goldman Sachs said, underscoring how ‌stocks have become a dominant driver of household wealth and consumer spending. "Equity gains have been the dominant driver of household wealth accumulation and the main contributor to a positive wealth effect on consumer spending," the brokerage said in a note ⁠on Thursday. >• Strong stock-market gains since the global financial crisis, particularly over the past three to four years, have increased equities' share of global financial assets and investor portfolios, with technology stocks accounting for a growing ⁠portion of those holdings, Goldman said. >• Goldman also warned that higher exposure to equities leaves households more ⁠vulnerable to a sharp market correction, particularly when valuations are elevated and macroeconomic uncertainty is running high.