Asking about the other 99.9% is a good point! Mostly I was pointing out how meaningless the idea of "participating" is for evaluating the material impact of the market on an individuals' financial wellbeing.

We can go back and forth about how theoretical people could invest theoretical savings, but unless you have another source, it seems like the reality we live in is one where 90% of the country share 16% of the stock market. Whether that 90% have low savings (all of which are in the market) or better savings (little of which is in the market) - either way their financial health doesn't seem very tied to the market.

The people who do invest in the market are providing the money that drives jobs and economic growth.

You can't separate the two.

Why can't you?

The vast majority of businesses are privately held[1]. Those businesses hire most of the people and buy most of the goods. Even for companies that are listed on the markets, the majority of their financial assets come from doing business.

It's true that companies raise money on the public markets to expand and thus hire more people, but the idea that most economic activity happens there is false.

[1] https://www.forbes.com/sites/sageworks/2012/10/01/private-co...

Big business doesn't work without a stock market, and big business is the engine that drives an economy.

Small businesses are the future big businesses.

Both are needed for an efficient, productive economy.

Various times countries have tried to prevent big business from operating, and always gave it up after a while.

Without sperging out about the specific percentage: a situation where people have a tiny amount saved for retirement, and almost all their net worth in a house and car, is actually quite common.

Spending on a car is not an investment. It's no joke that a new car loses 30% of its value when you drive it off the lot. Essentially all cars lose value constantly, and that's not even counting the finance costs.

I couldn't agree more. Just trying to explain the situation of someone's pension accounting for such a small portion of their net worth. It's sadly common.