Was kind of surprising to me too, but found it cited in multiple sources... https://www.reuters.com/article/us-usa-trump-speech-stocks-analysis/trump-touts-stock-markets-record-run-but-who-benefits-idUSKBN1ZZ19A "Roughly half of Americans own some stocks through a brokerage account or a pension or retirement fund...What’s more, nearly 90% of families who own stock do so through a tax-deferred retirement account, meaning they can’t access the money until they reach retirement age, unless they pay a penalty." https://wallethacks.com/stock-ownership-in-america/ "When you look at the entire population of the United States, less than 53% of families own stock. They can own it through a taxable brokerage account or a retirement account, but only 52.6% own any stock whatsoever." https://www.forbes.com/sites/teresaghilarducci/2020/08/31/most-americans-dont-have-a-real-stake-in-the-stock-market/ "Of those earning below the median household income, the typical household owns essentially zero financial assets, and of those who do, most don’t have significant balances."