Market democratization has increased stock ownership by the wealthiest 10% to 84% of all stocks, rather than Robinhood and back in the naughties things like e-Toro increasing distribution.
That was the conclusion of John Stewart in his new show on Apple TV where he tried to figure out why greater access to stocks has seemingly translated to the rich having a greater share.
Source: https://www.trustnodes.com/2022/05/03/john-stewart-hits-sec-wall