Exponentially Rich
Thirty years ago, I drove a neighbor home as she vented her outrage over the sheer number of billionaires and the obscenity of their wealth. Ironically, her own home housed roughly $80 million in inherited artwork—including Picasso sculptures and multi-million-dollar paintings—which she later donated to the National Gallery of Art. Even among those with substantial fortunes, the true scale of inequality is hard to grasp. Teachers, firefighters, construction workers, and nurses face an economy where the top 1% holds over $40 trillion in total wealth, far outpacing the bottom 99% combined. The middle and upper-middle classes feel the pressure, too. While households in the 80th to 95th percentiles hold significant wealth compared to those below them, many in this bracket still feel financially squeezed. Meanwhile, the broader middle class remains distinct from those living in poverty, yet what little wealth they possess is largely locked up in home equity, offset by mortgag...