> ... and you arrive at roughly 70% of the stock market belonging to people saving for retirement. Investors are the "average people." This only applies to the

> ... and you arrive at roughly 70% of the stock market belonging to people saving for retirement. Investors are the "average people." This only applies to the USA, which is a major outlier. Global stock ownership in 2009 was only around 500 million[0] people from the total world population which was 6.8 billion in 2009. That's 7.23%. [0] https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1457482 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1457482