The standard does not mandate any memory area (heap/stack) for them, but they are just like local variables "automatic storage", that is at the end of the expression (or longer when bound to a ref-to-const) they are destructed.
Most implementations will store them on the stack just like local variables.
edit:
As James Kanze pointed out: In the case the lifetime of a temporary is extended via a ref-to-const, its store location is on most implementations somewhat determined by the storage location of that reference. That is, in the case of the reference being in static storage, the temporary will be too (just confirmed on gcc). (although IMHO while this is still a temporary in the standards sense, it is arguable whether this is a temporary in the intuitive english sense of that word)
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