Stock ownership, along with other forms of wealth, is very unevenly distributed. Far more so than even income.

"Wealthiest 10% in U.S. Own 89% of Stocks and Mutual Funds"

The wealthiest 10% in the U.S. hold 45% of real estate, 54% of pension entitlements, 85% of private businesses and 34% of consumer durable goods.

https://www.thestreet.com/investing/wealthiest-10-pct-in-us-...

You might also care to revisit HN's guidelines:

https://news.ycombinator.com/newsguidelines.html

Particularly:

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A 401k with a vesting schedule geared at minimizing the already empheral retirement contribution businesses don't want to provide hoping on turnover with vesting to reduce payout and for those remaining with enough disposable income to contribute hefty amounts to their 401k? Sure.

Even 401ks are evaporating in significance so that is becoming a less valid point. Given the typical audience here, you and me sure, but the vast majority aren't reaping rewards or able to tie money up in unrealized gains they cant magically realize like many with piles of investments (often tax free).

Why are 401k's evaporating in significance?

Curious Brit here.

Not sure what OP is referring to because 401(k) balances are at all time highs [0].

[0]: https://www.cnbc.com/2021/08/19/401k-balances-hit-a-new-all-...