We are living through a massive wealth transfer that makes the 1920s look like a middle-class paradise.
Something about these wealth numbers is hard to ignore. Billionaire wealth jumped 16% in 2025 to a record $18.3 trillion. The world’s 12 richest people now hold more wealth than the bottom 4 billion people combined. Global personal wealth increased 10.8% last year. But the big question is where that wealth went. The gains were …