Life at $1 Trillion: The Wealth Tier the Canon’s Ladder Doesn’t Reach
The world’s first trillionaire held the title for about twelve days. What actually changes one order of magnitude above $1 billion — and what turns out not to change at all.
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The Accidental Millionaires: What TSP, 401(k), and Payroll-Deduction Wealth Actually Look Like
A record 224,420 TSP accounts now hold $1 million or more, and they averaged 27 years of contributions. Inside America’s largest millionaire factory.
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Optionality: Why the Real Luxury Is Control
Second passports, credit lines, family offices, record cash piles — the top end of wealth keeps buying the same thing in different aisles: options.
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Liquidity: How Much Cash the Wealthy Actually Keep
Two 2026 studies put high-net-worth cash holdings at 24% and 5%. Both are right. What that gap reveals about how wealthy households actually manage liquidity.
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Real Estate as an Investment: How the Wealthy Actually Use Property
Depreciation, leverage, 1031 exchanges, cap rates, syndications and REITs — how wealthy households actually use property as an asset class, and why real estate is a smaller share of their balance sheet than almost anyone assumes.
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Equity Compensation: RSUs, ISOs, and the Tech Wealth Engine
RSUs, ISOs, NSOs, ESPPs, the AMT trap, 83(b), and tender offers — how tech equity compensation actually turns a salary into seven figures, and where it goes wrong.
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Multiple Streams of Income: The Myth, the Math, and What Wealthy Households Actually Do
“The average millionaire has seven streams of income, according to the IRS.” The IRS never said it. Here’s what the actual tax data shows about how wealthy households really earn.
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Carried Interest: The Most Defended Loophole in American Tax
Carried interest lets fund managers pay 23.8% instead of 40.8% on their pay. Every president since Obama has promised to end it. Here’s why it never dies — and what new IRS data says it actually costs.
