Where has all the money saved over these decades gone?

Ordinary people work day and night, frugally saving money, only to end up with a nation in debt. Just for housing loans alone, the debt has piled up to 38 trillion, and with various other debts, the total reaches 73 trillion.

Logically speaking, if the common people have bought so many houses, the developers should be making a fortune, right? The reality is that real estate companies are also in debt by over twenty trillion.

Real estate companies say they haven't made any money, that costs are too high—land prices are too expensive. So that money must have been taken by local governments? Logically, it seems to make sense.

But if you think about it carefully, is this account really that simple? Money circulates through various links, and in the end, where does it settle? Or does it not settle at all?

Debt is a tangible number, and assets are also tangible subjects. But over the years, how wealth has been distributed is perhaps the most worthy question to ponder.