What happens if you adjust the stock market for ALL the money printed by the Top 10 economies?

We all know the stock market has been on an absolute tear over the last two decades. But how much of that is actual, productive company growth, and how much is just central banks firing up the money printers worldwide?  If we treat the total expansion of the global money supply as our baseline for "zero percent growth," the real returns of our portfolios look entirely different. Instead of just looking at the US and Europe, let's look at the top 10 economies. Because the stock market is a global sponge, capital crosses borders constantly to find a home in equities. Here is the raw, step-by-step conversion of native currencies into USD using the historical exchange rates from 2006 vs. 2026. STEP 1: BROAD MONEY SUPPLY CONVERTED TO USD (2006 vs 2026) 1) United States (USD) 2006: $6.85 Trillion 2026: $22.80 Trillion 2) China (CNY) 2006: 34.0T CNY at 8.00 USD/CNY = $4.25 Trillion 2026: 353.0T CNY at 7.25 USD/CNY = $48.69 Trillion 3) Eurozone (EUR) 2006: 6.63T EUR at 1.25 EUR/USD = $8.29 Trillion 2026: 16.29T EUR at 1.08 EUR/USD = $17.59 Trillion 4) Japan (JPY) 2006: 715.0T JPY at 115 USD/JPY = $6.22 Trillion 2026: 1250.0T JPY at 150 USD/JPY = $8.33 Trillion 5) United Kingdom (GBP) 2006: 1.30T GBP at 1.85 GBP/USD = $2.41 Trillion 2026: 3.00T GBP at 1.27 GBP/USD = $3.81 Trillion 6) South Korea (KRW) 2006: 1100.0T KRW at 950 USD/KRW = $1.16 Trillion 2026: 3900.0T KRW at 1350 USD/KRW = $2.89 Trillion 7) India (INR) 2006: 23.0T INR at 45.0 USD/INR = $0.51 Trillion 2026: 233.0T INR at 83.0 USD/INR = $2.81 Trillion 8) Canada (CAD) 2006: 0.75T CAD at 1.11 USD/CAD = $0.68 Trillion 2026: 2.50T CAD at 1.36 USD/CAD = $1.84 Trillion 9) Australia (AUD) 2006: 0.80T AUD at 0.74 AUD/USD = $0.59 Trillion 2026: 2.90T AUD at 0.66 AUD/USD = $1.91 Trillion 10) Brazil (BRL) 2006: 0.70T BRL at 2.20 USD/BRL = $0.32 Trillion 2026: 6.00T BRL at 5.00 USD/BRL = $1.20 Trillion STEP 2: THE COMBINED GLOBAL MONEY MULTIPLIER When you add everything up: Total Top 10 Money Supply (2006): $31.28 Trillion Total Top 10 Money Supply (2026): $111.87 Trillion The total fiat currency supply of the world's major economies expanded by 3.58x over the last 20 years.  STEP 3: ADJUSTING THE STOCK MARKETS Let's assume this 3.58x expansion represents a 0% baseline growth rate (meaning assets must increase 3.58x just to keep up with the dilution of paper money). The US Market (S&P 500) Nominal Growth: Went from 1,270 to 7,384 points (A 5.81x nominal increase, or +481%). Adjusted Growth: 5.81x divided by 3.58x = 1.62x. Real 20-Year Return: +62.3% Real Annualized Growth Rate: \~2.46% per year The Whole World Market (MSCI ACWI / VWRA) If we look at a globally diversified basket of thousands of companies across developed and emerging markets, the trend is even clearer. Nominal Growth: A 5.46x nominal increase (+446%). Adjusted Growth: 5.46x divided by 3.58x = 1.52x. Real 20-Year Return: +52.5% Real Annualized Growth Rate: \~2.13% per year THE CAVEAT To be entirely fair, this isn't a scientifically perfect economic model. Treating global money printing as immediate asset inflation skips over the fact that inflation has a heavy time delay. Money velocity matters, and capital doesn't flow smoothly or evenly into every single asset class at the exact same moment. However, as a perspective shift, it is eye-opening. While corporate innovation did create real, productive value over the last two decades (yielding us a modest \~2% true annualized return), the vast majority of your portfolio's massive growth wasn't an economic miracle. It was simply the global financial system flooding the world with currency, and that currency using equities as a safe haven to protect its purchasing power from being eroded.