A tsunami of cash worth nearly 5 per cent of gross domestic product will hit investors’ bank accounts in coming months, providing a much-needed boost to the COVID-19-ravaged economy as shareholders celebrate the richest earnings season in corporate history.

A record $31 billion worth of dividends have already been declared with two days left on the reporting calendar, in addition to $15 billion in buybacks, $8 billion of them off-market, according to data compiled by veteran strategist Richard Coppleson. Shareholders will also receive more than $34 billion in cash takeovers.