Monarchists-esque governments arguably have a stronger incentive to preserve and generate wealth than elected officials, so it's not really a given that a dictatorship style government would be bad for equities.
Take a look at Dubai, for instance.
Take a look at Dubai, for instance.
And at least arguably, the causality goes the other way: restless populations in poorer nations are more likely to drive democratic reforms, where wealthy folks tend not to rock the boat.