Dividend payouts in the U.S. and Japan have seesawed over the past five decades. Today, U.S. stocks yield just over 1% — the lowest among major regions and far below their historical average. Europe and emerging markets, however, are in the lead. Higher valuations, buyback-heavy capital-return policies and tech-led investment drive this gap between the U.S. and other markets. For wealth managers pivoting portfolios from growth-oriented returns to defensive income distribution, these patterns can offer critical insights.