Chartbook 476 Walled-in wealth #2: US-China oligarchic divergence.
(2) in an emerging miniseries
In the realm of extreme wealth, two significant geographic-economic trends are currently emerging. The first trend is the explosive rise of US tech oligarchs, whose influence in politics is becoming increasingly prominent. According to the Forbes billionaire list for the spring of 2026, the United States maintains a dominant position in terms of both share and absolute values.
In 2012, only three Americans and two tech barons occupied the top ten spots on the list. This marked a stark contrast to the current state of affairs.
On the other hand, China has undergone a dramatic shift in its approach to oligarchic wealth. While American tech wealth continues to flourish, China's party has asserted its leadership in this domain. Earlier, the term "walled-in wealth" was used to describe this unique situation. This divergence in personal fortunes highlights economic "decoupling" factors that are not adequately captured by trade data or balance of payments statistics.
China's economic journey is truly remarkable. It is often overlooked that the current period of Chinese leadership in wealth coincides almost precisely with the rise of mega fortunes generated by the real estate and tech industries. In 2003, it is likely that there was no individual in China worth a billion dollars. However, over the subsequent decade, Chinese capital accumulation witnessed an explosive growth, propelling the nation onto the global stage.
Written by urgent.news from Chartbook's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
