📊 FT: Wealth in the US is increasingly being created not through work, but through owning assets.

The share of wages in the country’s gross income fell for 40 years and only stopped after the 2008 crisis. Meanwhile, stocks, stakes in private companies, and real estate have been rising much faster. Technology has accelerated this gap because the biggest fortunes are held by companies that can scale without limits, live off network effects, and dominate their niches—now they’re also growing amid the artificial intelligence boom.

That’s why you get a figure where a very narrow group of Americans owns wealth comparable to 12% of the country’s annual income.

Of course, this estimate should be treated with caution, because it rests on just a few people and on the value of private companies, which is difficult to calculate precisely. But the direction of travel is clear.

The BIS (Bank for International Settlements) adds that if (when) AI really takes away a large share of human labor, the wage share in income could fall to 20%.

So it turns out that in an economy where assets are getting more expensive faster than wages, the lack of capital means you will lose structurally. And luck or misfortune has nothing to do with it…
That’s why long-term investing here is not so much about higher returns as it is about not being left behind in wealth creation altogether.
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