The distribution of water within the mantle transition zone (MTZ) has important implications for the material circulation and partial melting of the mantle. Although solubility of hydrogen is very high, leading to speculations that the MTZ plays a key role in the deep-Earth water cycle, the actual water content remains an open question. Electrical conductivity of mantle minerals is very sensitive to water content, so reliable estimates of this physical parameter in the MTZ would provide valuable constraints. Here, we use recently developed joint inversion of geomagnetic diurnal variation for realistic source structure and one-dimensional mantle conductivity profile. Synthetic tests show that the resulting profile is a reasonable proxy for the electrical conductivity distribution of continental mantle over depths where model resolution is best (200 to 600 kilometer), even in the presence of lateral heterogeneity. The inferred water concentration in the MTZ is 0.03 weight %, one to two orders of magnitude below the solubility of wadsleyite and ringwoodite.