U.S. households have become the most liquid among major developed economies, with cash, stocks, and fund shares now representing 47% of aggregate net worth, according to the latest UBS global wealth report. That share has climbed from 29% in 2011, reflecting a long-term shift away from real estate and toward more easily accessible financial assets.
The UBS report, which examined wealth trends across eight wealthy nations, found that American households lead in liquidity, followed by Switzerland at 45%, Luxembourg at 44%, and Australia at 40%. The United Kingdom reached 38%, while Germany and Italy lagged at 30% and 27%, respectively. All countries saw increases from 2011 levels, but the U.S. gain was the most pronounced.
UBS defines liquid assets as cash, deposits, voluntary pension savings, collective investment schemes, and direct securities holdings. Real estate, life insurance, and mandatory pension entitlements are classified as illiquid. The bank attributes the U.S. lead largely to direct equity holdings and mutual fund investments, a pattern that has strengthened as homeownership rates plateaued.
“It’s mainly thanks to direct holdings of equities and investments in mutual funds that in the United States almost half of net wealth is liquid,” the UBS report noted. The finding is an aggregate figure, not a median, and may be skewed by wealthier households whose portfolios lean more heavily on securities.
The liquidity shift aligns with data from the Investment Company Institute (ICI), which found that mutual funds managed 23.6% of U.S. household financial assets at the end of 2024, up from 22.6% a year earlier. ICI reported that 53.9% of U.S. households, or 72.7 million, owned mutual funds last year, with a median household income of $125,000 among fund owners.
Nearly two-thirds of mutual fund-owning households held more than half of their financial assets in funds, and 73% owned funds through an employer-sponsored retirement plan, rising to 84% among households younger than 50. The share of middle-income households owning mutual funds rose to 57% in 2025 from 43% in 2005, suggesting the liquidity gains are not confined to the ultra-affluent.
The UBS report also highlighted that owner-occupied property remains the single biggest asset for most people with wealth up to the “everyday millionaire” level of $1 million to $5 million. Rising property valuations have propelled many into millionaire status without increasing disposable income, the authors noted.
For advisors, the trend underscores the growing importance of portfolio liquidity in client wealth structures. As global wealth surged 10.8% in 2025, the U.S. stands out for its shift toward liquid assets, a pattern that may influence asset allocation and retirement planning strategies. Meanwhile, top-quartile advisors have outpaced peers by 24 points in organic growth, suggesting that those who adapt to these wealth trends may capture more client assets.
