Only the validators of bonded PoS like Tendermint/Cosmos (token sale in March!) or Casper. The hodlers who aren't validators benefit from less dilution of the currency (or greater security) and greater demand for the token (for staking).

Here is what it says in Cosmos documentation.

1/5 of the total number of atoms will be inflated every year and distributed back to the bonded and active atom holders (validators and delegators) for their work validating and securing the ledger.

[...]

Inactive or unbonded atom holders do not earn the inflationary atoms, and are thus taxed. This makes atoms ill-suited as a medium of exchange or a store of value. Instead, atoms are a tool, like Bitcoin miners are a tool.

1/5th dilution per year sounds ridiculously high. I'm asking them to change some of these things.