Key takeaways

• Retirement savers held steady in Q2, with IRA balances clocking record highs.
• U.S. household net worth surged 4.4% to $167.3 trillion – the largest jump since Q1 2021.
• Wealth gains were driven primarily by strong stock market performance and rising real estate values.

The Currency’s quarterly Wealth Watch report tracks the distribution of American wealth against the backdrop of saving trends, investing patterns, and financial market conditions.

Average retirement account balances remain strong

Retirement savers saw notable gains in Q2 as account balances increased across the board, according to Empower Personal Dashboard^TM data. The average 401(k) climbed to $315,820, while 403(b) plans reached $133,562 — both continuing their upward momentum.

IRAs hit a record high of $266,953, up almost 7% from a year ago.^* Roth IRAs also grew, averaging $92,619. The gains were fueled primarily by strong stock market performance, with consistent contributions likely providing additional support.

Net worth figures signal U.S. households are wealthier than ever

Federal Reserve data reveals U.S. wealth is gaining strong momentum: U.S. household net worth surged 4.4% to $167.3 trillion in Q2 — the largest quarterly increase since Q1 2021, when net worth jumped 5.1%. The increase marks one of the strongest quarters of the past decade.¹

Americans’ net worth averaged $569,711 at the end of Q2, Empower Personal Dashboard^TM data shows. Across generations, averages range from $86,637 for Gen Z to nearly $1.5 million for Baby Boomers.

• Gen Z: $86,637
• Millennials: $305,454
• Gen X: $1,024,334
• Baby Boomers: $1,498,976
• Silent Generation: $1,294,472

Equities and real estate power $7T wealth gain in Q2

What’s driving notable net worth growth? The Federal Reserve’s Distribution of Household Wealth report shows the growth of American household wealth in Q2 2025 was led by strong gains in stock market holdings and real estate, with retirement accounts also adding momentum.²

Quarterly highlights

📈 Stocks & mutual funds surged almost 10%, driving the majority of household wealth growth.

🏡 Real estate rose nearly 3%, reflecting ongoing home price gains.

💰 Retirement accounts (401k, IRA, 403b, etc.) climbed 6.6%, boosted by contributions and market performance.

🏦 Traditional pensions edged up less than 1%, reflecting their more stable structure.

💼 Private businesses and other assets were flat, adding little to overall growth.
 

Household assets by category (Q2 vs Q1, in $ trillions) 

American wealth shaped by place, progress, and strategy

Where wealth lives

Among the top 15 states by net worth, wealth is growing the fastest in Wyoming (+11%), Wisconsin (+6.8%), and Iowa (+6.7%). But it’s the Northeast that claims the highest average net worth, with Connecticut and New Jersey leading at $815,324 and $778,722, respectively. 

Read more: Top 15 states by average net worth

Saving against the clock 

Empower data shows younger workers outpacing early retirement savings benchmarks, while older cohorts are juggling competing priorities as they enter retirement. Twenty-somethings’ 401(k) balances are roughly double the typical 1x salary benchmark of $49,954; those in their 30s are just above the 3x salary target of $193,931.

Read more: Retirement savings goals 2025: 20-somethings have double the recommended balance

Strategies that stack

Americans are combining multiple wealth-building strategies to reach their financial goals. According to Empower research, the top wealth-builders are investing (26%), career advancement (25%), maximizing retirement contributions (24%), and side hustles (24%).

Read more: The rise of the “wealth multitasker”