US households now hold a record >45% of their financial assets in equities. The highest level ever recorded.

https://fred.stlouisfed.org/series/BOGZ1FL153064486Q

With bonds being unattractive and equities booming, no wonder this percentage has soared. At the same time, foreign investors have also steadily kept [increasing their holdings in US equities](https://www.apolloacademy.com/record-high-foreign-ownership-of-the-us-equity-market/). As a result, MSCI World Index is now allocated 70% US, 30% international.

Taken together, we might be in a moment where the largest share of global wealth ever is invested in the US stock market. If everyone is already long US equities, who is the next buyer? What region or asset class still has capital left to rotate into US equities?