This pretty much confirms that the stock market is not a good indicator of the overall economy, and to trade successfully one needs to only look at data that have major impacts on institutional investors. Image Source: Data Driven Investor
On a global scale the richest 1% own half the world's wealth: https://www.theguardian.com/inequality/2017/nov/14/worlds-richest-wealth-credit-suisse
Pretty sure the poorest 80% work for the richest 20% so it still is a good indicator of the economy. If you have no money, it's just you that has a problem. If your employer has no money, then you, him and everyone that works for him has a problem which is why the stock market is still a good indicator of the economy.
Does this includes stock funds in 401k's, IRAs, Pension funds (Teachers, Government workers, Military), or just direct ownership of stocks?