In Europe Pensions are a major component of wealth. Roughly trading places with corporate equities. From the pdf this was based on: https://www.credit-suisse.com/media/assets/corporate/docs/about-us/research/publications/global-wealth-report-2019-en.pdf " In the United Kingdom and Japan, for example, equities account for 10-15% of total financial assets. In contrast, they make up around 30% of financial assets in the United States, and over 40% in Bulgaria, Estonia, Finland, Hungary, New Zealand and Sweden. " " the benchmark level for the wealth/GDP ratio in fully developed economies is about four in normal times. Germany and Sweden remain below this level, probably reflecting generous state provision of pensions and healthcare, which reduces the incentive for individuals to save for their retirement needs."