Nos EUA, 54% o crescimento da bolsa é devido a transferência de riqueza a favor das acionistas

E apenas 24% devido a crescimento da economia, e isto desde 1989:

How the Wealth Was Won: Factors Shares as Market Fundamentals, por Daniel L. Greenwald, Martin Lettau, Sydney C. Ludvigson (NBER Working Paper No. 25769, doi:10.3386/w25769):

We provide novel evidence on the driving forces behind the sharp increase in equity values over the post-war era. From the beginning of 1989 to the end of 2017, 23 trillion dollars of real equity wealth was created by the nonfinancial corporate sector. We estimate that 54% of this increase was attributable to a reallocation of rents to shareholders in a decelerating economy. Economic growth accounts for just 24%, followed by lower interest rates (11%) and a lower risk premium (11%). From 1952 to 1988 less than half as much wealth was created, but economic growth accounted for 92% of it.