The accessibility of owning company shares has shifted dramatically, moving from complex processes to simple mobile transactions. While retail participation in global markets is rapidly increasing, the actual influence of these new investors remains constrained. Brokerages are seeing substantial growth; for instance, XTB reported significant client acquisition in 2025, with many new users making their initial trades in shares or ETFs rather than leveraged contracts.
This trend is mirrored across Europe, where ETF savings plans saw European contributions rise by 29 percent in the last year, with total assets on brokerage platforms reaching 341 billion euros. Germany also recorded record ownership levels, with millions holding shares or ETFs. Economists note that fresh capital entering equities can boost overall market valuation.
However, the distribution of wealth and control points to persistent inequality. The wealthiest tenth of euro-area households still control a disproportionate share of net wealth, and thus, the largest gains from a rising market. Crucially, the ability to say something about corporate governance differs significantly from the stake of ownership.
Studies indicate that shares held through index funds are voted on by the fund manager, not necessarily the individual buyer. The “Big Three” index managers collectively control a substantial portion of votes at major companies, often acting as the largest single shareholder. Although some platforms allow direct voting, the manager frequently speaks for the retail investor.
Thus, while ownership is widely spread, effective voting power remains highly concentrated.
Topics: #stake #not #say
