patrick wrote:Am I correct to assume that the indexing share is actually lower because the results exclude people who buy individual stocks instead of active funds?
Not necessarily. Morningstar's global data only includes mutual funds and ETFs that are used by individual, retail investors (since that's their business). Some reports
put total global "assets under management" at about $70 trillion in 2013. Since the global assets reported above by Morningstar are about $20 trillion, there's about $50 trillion in managed assets worldwide that are invested entirely separately by pension funds, institutions, insurance companies, global wealth funds, etc.
I'm sure a large and growing percentage of this $50 trillion is also passively-managed — but I'm not aware of any all-world, all-asset class data that would show the breakdown.