The Future of Capital Markets: Democratization of Retail Investing In collaboration with Accenture and BNY Mellon I N S I G H T R E P O R T A U G U S T 2 0 2 2Contents ? 2022 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. 3 4 Foreword Introduction 5 Retail Investing Survey Key terminology 6 7 Executive summary 1. Retail investors: More in?uential than ever 15 16 21 26 A. Recent surge in retail investing B. Top contributing factors C. Investor Empowerment 31 2. What’s needed to fully democratize capital markets 32 37 45 A. Opportunity for non-investors B. Levers for retail investor growth C. Investor empowerment 48 3. Taking action 49 51 59 A. Adopting a multichannel approach B. Providing holistic investment services C. Enhancing product innovation and awareness 67 4. A promising future 68 70 A. Vision for retail investing B. Calls to action 76 78 81 91 Conclusion Contributors Appendix Endnotes Future of Capital Markets: Democratization of Retail Investing 2Foreword Matthe