That's a false conclusion, in my opinion. There are plenty of startups in which money could be put in, but of course "smart investors" don't invest in all start

That's a false conclusion, in my opinion. There are plenty of startups in which money could be put in, but of course "smart investors" don't invest in all startups that may show-up at their doors. So they choose to save their billions and billions of dollars in Cayman Islands. That money goes largely unused in the economy. Also, the vast majority of startups aren't funded by VCs or angel investors, but through personal economies and loans - again, an issue that depends on the strength of the middle class.