It's probably not that simple because at a cursory glance I see quite a few points in history where my country's main stock index was about 50% of its current valuation: January 1998, February 2006, January 2015, July 2016, April 2020.

Sure compared to the last time (2020) or before that (2016) it's a big difference, but compared to the first time we're pretty close to a 100% increase in median salary. Compared to the second time it's still close it 60%.