I was looking at some interesting data on the U.S. financial market, and there's something that can't be ignored. The private sector financial assets in the United States have just hit a new high, reaching 6.7 times the U.S. GDP. Yes, you read that right — the ratio of the total value of financial instruments to U.S. GDP has increased again.

To give you an idea of the scale: this surpasses the previous record of 6.3 times set in 2021. But the most interesting part is the historical context. Looking back to the 1970s, this ratio has more than doubled. It means that the value of assets is growing at a completely different rate compared to the real wages of the population.

And here we arrive at the critical point: who benefits from this dynamic? Mainly those who own capital. Wealthy investors are allocating more and more resources into stocks, with percentages reaching 65% of their portfolios — the highest level since December 2021. It’s a clear preference for riskier assets, probably driven by the pursuit of higher returns.

What we see is a market where U.S. GDP grows at one pace, but financial assets grow at a completely different pace. This divergence continues to create a situation where those with capital can multiply it faster than real economic growth. An interesting dynamic to reflect on.