The richest Americans own the vast majority of the US stock market, according to Fed data. The top 10% of Americans held 93% of all stocks, the highest level ever recorded.
Source? I can’t imagine pensions only hold 7% of stocks.
I was skeptical too, but it's plausible. According to the Federal Reserve's Distributional Financial Accounts release [0], the bottom 90%'s share of "corporate equities and mutual fund shares" in Q4 2023 was about 13% (5.24 / 39.94)