There's much more on realtimeinequality.org, which we just updated -- comments most welcome as always.
High profits (and expectation of future profits) are pushing top wealth shares past their Covid peak, to levels not seen since the early 20th century.
Here's the top 0.1% wealth share.
The very fast growth at the top is linked to the explosion of corporate profits, now at an all time high relative to GDP.
It's hard not to view this as an important reason for the abysmal consumer sentiment (in spite of decent macroeconomic numbers).
Average income per adult grew 1.9% (net of inflation) in 2025.
But for the bottom 50% there was no growth.
And for the next 40% very little.
Almost all the growth was concentrated in the top 10%.
It seems we are now entering a new phase of the rise of inequality in the US.
It's not just wealth and billionaires — it's a broader acceleration.
Here's who benefited from economic growth in 2025, according to the latest estimates available on realtimeinequality.org
Le temps est venu de taxer les profiteurs de guerre.
open.substack.com/pub/gabrielz...
Saez and @gabrielzucman.bsky.social on the CA billionaire tax
250 households (0.001% of the state) holds wealth equal to more than half of California’s entire annual economic output
Their wealth grows 15% a year and is taxed at just 0.26% per year
www.nytimes.com/interactive/...
Where are the profits of the war going?
With the rise in oil prices, the profits of extractive companies surge—and a significant share ends up funneled through tax havens.
But it’s not too late to tax war profiteers effectively.
open.substack.com/pub/gzucman/...
It was a wonderful event at @thegraduatecenter.bsky.social today with an enthusiastic and packed house to hear @gabrielzucman.bsky.social, @mayor.nyc.gov and I talk about the absolute necessity for global societies to tax the ultra rich. It's not radical to think they should pay their fair share too