Several sources suggest 70% or so of Stock Market (S&P 500) gains are from Dividend payments (according to several sources, below) But dividend payments average for the S&P 500 have been about 1.9 to 3% for the last 30 years. But total return is around 9.5%. That suggests that Dividends are about 1/3 of gains.
Kevin O'leary (of Shark Tank fame) claims that 70% of stock market gains are from Dividends (in this
The article from Seeking Alpha supports this.
BUT... the historic return on the S&P500 is about 9%. And Dividends tend to be about 2% (average for the S&P500). That would be 2/9th or <20% of S&P500 gains.
I'm trying to verify that.
During the 90 years between 1871 and 1960, the S&P 500 annual dividend yield never fell below 3%. In fact, annual dividends reached above 5% during 45 separate years over the period. Of the 30 years after 1960, only five saw yields below 3%. The sharp change in S&P 500 dividend yield traces back to the early to mid-1990s. For example, the average dividend yield between 1970 and 1990 was 4.03%. It declined to 1.90% between 1991 and 2007. After a brief climb to 3.11% during the peak of the Great Recession of 2008, the annual S&P 500 dividend yield averaged just 1.97% between 2009 and 2019.