Even without any relation to this illustration, I have no idea if a person having a pension fund balance in Switzerland or another European country should be counted as a shareholder or not. On the other hand, should US residents, whose employer is contributing to their retirement account，but who never looked at it and never changed the strategy from the default Vanguard target date 20XX fund, be counted as more shareholders than people from the previous sentence?
P.S. Sorry, it turned out convoluted, but it is not on purpose and I am not profiting from it!