Big US oil companies like Exxon, Chevron, Conoco, et al are mostly owned by mutual funds and index funds. So it really is "regular folk", though of course not everyone has the same size 401k.

Superannuation in Australia is most typically a not-for-profit mutual fund. So .. yes. Most Australians invest in "industry super" which means the union backed nfp model.

> So it really is "regular folk", though of course not everyone has the same size 401k.

Depends on how you define "regular folk".

40% of American adults don't have any retirement savings account at all. And entirely unsurprisingly whether they do or not correlates extremely strongly with income/wealth.

So one could easily claim that the further from actual "regular folk" you are the more likely you are to benefit.