An upper wall mount bracket configured for use with a foldable weightlifting rack assembly including a central panel, a top wall mount panel and a bottom wall mount panel. The top wall mount panel and the bottom wall mount panel are substantially planar and offset from the central panel. The top wall mount panel and the bottom mount panel are positionable to overlie a wall surface, and including at least one slot extending therethrough configured to receive a fastener therethrough to, in turn, couple the upper wall mount bracket to the wall surface. The central panel has a first side mounting region proximate to a first end thereof and a second side mounting region proximate a second end thereof. An upper rack mount assembly may be configured for use in association with the foldable weightlifting rack assembly and the upper wall mount bracket.