David Brewster
The super-rich are definitely getting richer, but they are also changing in composition. And there is a lot of turnover at the top, with less wealth being inherited and more being self-made. The new rich now come more from technology, finance, and mass-retail chains; while energy and real estate sectors are hatching fewer in the top 500. Seattle is clearly going to be a winner in this shift. (Other big winners are California, New York, Florida, and Texas.) The composition of the ultra-rich and politically powerful will also create problems for Democrats who want to bash the 1 percent, since tech and finance tend to favor the Democrats. These shifts also suggest why the GOP, and not just Trump, will have growing ability to rail against the ruling class.
Yes, wealth concentration is insane. But the ways in which wealth is shifting are surprising—and give reason for a little optimism.
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