The huge rise in wealth in OECD countries is actually useless

The level of wealth (relative to income) has risen considerably in OECD countries. It is well known that this is due to highly expansionary monetary policies, as very low real interest rates have driven up share prices, corporate valuations and real estate prices. The problem is that this increase in wealth has not been useful: It has not driven down the household savings rate and therefore has not led to additional consumption; It has not stopped net corporate investment or household housing investment from falling; It is not even a hedge against population ageing, because if pensioners sell equities and real estate to consume in the future, asset prices will fall. This reveals the fictitious nature of this rise in wealth from a macroeconomic viewpoint ; And it has led to an increase in debt, with wealth used as collateral, making economies more fragile.