Summary

• Billionaires are on the increase, and we’ve just seen Elon Musk become the world’s first trillionaire.
• The share of total wealth held by the top one-tenth of one percent of Americans has increased from 8.6% in 1990 to 14.5% at the end of 2025.
• The rise of billionaires comes primarily from the much better transfer of ideas, goods and services around the world.
• The increase in billionaires in the United States indicates dynamism in the economy.

Billionaires are on the increase, and we’ve just seen Elon Musk become the world’s first trillionaire. Is this trend positive for the economic forecast or negative? Actually, it’s more a reflection of a good economic environment than a