Great Expectations, Harsh Calculations

“Fifteen years ago, the world’s billionaires collectively had $4.5 trillion. By 2024, their wealth had more than tripled to $14.2 trillion. Now, their combined wealth totals $20.1 trillion — an amount that is equivalent to nearly a fifth of the entire world’s total yearly output.” NYT (Gift Article): Billionaires’ Billions Are Increasing Faster Than Ever. “The stunning figures — calculated by the French economist Gabriel Zucman, director of the International Tax Observatory, a research organization funded by the European Union — reveal more than a surprisingly rapid increase in the concentration of wealth at the tippy top. They also reflect a series of important global trends: the growing dominance of a few technology companies leading artificial intelligence development; the shrinking slice of the economic pie that goes to workers; and a deepening inequality that will be handed down to the next generation.”