The Great Wealth Boom
8-12-26
Opening Comments
My last note was about my near-death experience on a golf course when the cart crashed into a bunker on the golf course, Atlantic in the Hamptons. The most opened links were the tourist hotspot slapped with travel warnings and the Video of the Day outlining how the high school homecoming king gave the crown to a handicapped classmate.
I want to remind readers that I get a great deal of news articles and ideas from my readership. I have some very thoughtful readers that send me countless news stories each week that help me prepare the report. It is hard to cover the world alone and with your partnership, I feel the content is more complete. Although I get hate mail, I get a lot of lovely notes of support and encouragement. This one came from a senior person in the real estate world. Truly appreciated.
I am sending this note from Florida as we came home to pack the kids up for college. I will be in Florida until August 17th.
Claude helped me a great deal with today’s note in terms of chart creation and fact checking data. ChatGPT helped me create pictures. Yes, AI is making my life more efficient, especially around creating the Rosen Report.
Markets
Connecticut Estate Tax Case
Berkshire Hathaway Cash Position
Pershing Square Shares the Wealth
Radical Muslims Taking Over
Hasan Piker Thoughts-Not Complimentary
The Seattle Public Library Mess
Average Age of Home Ownership in California
Zillow Market Report
432 Park Avenue
Video of the Day-My Favorite American Idol Audition
I enjoy music and watched American Idol back in the day. My favorite audition from the show was Alejandro Aranda from 2019. This kid has a voice, can play a sick guitar and piano, and is a great song writer. The look on the faces of the judges tells you all you need to know. His finger picking on the guitar was stunning. Lionell Rictchie said, “That was the greatest.” Katy Perry said, “I think you are the winner. I think you are an absolute genius.” Luke Bryan said, “I feel like I am in the presence of greatness. I have never seen anything like that. It was like watching my favorite movie that I did not want to end.” Please watch the five-minute video. He came in 2nd place on Idol in 2019.
The Great Wealth Boom
Despite my modest roots, I am fortunate to travel in circles that I never imagined. It has opened my eyes to the immense wealth creation over the past 15 years or so and I thought I would outline my findings. This is a picture of my 1,700 square foot childhood townhouse. Hardly something for the Lifestyles of the Rich and Famous.
The amount of money in the system due to the insane wealth created from equity markets, real estate, private tech investments, AI, crypto, and precious metals since 2010 is out of control. So many people have become incredibly wealthy, and the Hamptons is a showcase for the .1%. Before researching this piece and writing it, I had no idea of the scope of wealth creation since 2010. I asked half dozen smart Wall Street types and only one person came close to the actual wealth created as outlined below.
So many people I meet are now worth $100mm plus and a shocking number are worth hundreds of millions or billions. Many are relatively young. I have heard many stories of early investors in OpenAI, Figure AI, Anthropic, Tesla, SpaceX, Stripe, Databricks, xAI, crypto… So many hedge fund and venture fund managers are crushing it.
When you consider high-end real estate in Miami, Palm Beach, Naples, Aspen, Vail, Jackson Hole, Hamptons, Nantucket, Malibu, Hawaii… it is mind numbing. Look at the demand for mansions, private aviation, mega yachts, luxury watches, rare wine, pro sports teams, art, and exclusive travel, the money spent would blow your mind. A hedge fund manager spent $2mm for seven weeks to rent a home in the Hamptons this summer. Golf course membership fees are up to $2mm to join the most exclusive clubs in the Hamptons and there is a waitlist. I have spoken with members who have not played at multiple private clubs of which they are a member for over a dozen years yet continue to pay the annual dues. Just today, Bob Iger and Josh Kushner agreed to buy the Lakers for $12.5bn. That is 19.4 times more than the 2010 valuation and 25% more than the valuation of the last sale one year ago. It will clearly drive others on the list below higher as well. How did this happen?
Since 2010, the global equity market valuation has gone from $53 trillion to $166 trillion. During that time, the US equity market capitalization went from $17 trillion to $76 trillion. Just since COVID, the US market cap is up over $41 trillion.
Below are the top 20 companies in the US from a market cap growth perspective since 2010. WOW. Yes, it is captured in the above chart, but the top 20 basically account for almost $35 trillion of growth.
Although it is captured in the growth of public equity market capitalization, many employees who were compensated heavily in stock have made a killing. Consider Gwynne Shotwell, the President and COO of SpaceX, who saw her net worth balloon to $2bn. There are numerous private tech companies where employees are worth tens of or hundreds of millions thanks to owning stock in a company now worth billions. On a smaller but impressive scale, consider highly compensated employees from JPM or Goldman Sachs whose stock prices have exploded. Many executives there are worth hundreds of millions today.
Since 2010, the amount of equity value in the US housing market has exploded. We have seen homeowners’ equity grow from $9 trillion to $35 trillion. Clearly, the rebound from the Global Financial Crisis and the “free money” during COVID helped to drive these numbers. Just since COVID, almost $17 trillion of homeowners equity has been added in the US.
In 2010, the term “unicorn” was not used for private investments because it was so rare. In 2013, the term emerged when Aileen Lee of Cowboy Ventures coined the phrase in a TechCrunch piece titled, “Welcome to the Unicorn Club.” In 2010, much of the private tech was Facebook ($50bn), Zynga ($5bn), Groupon ($5bn), Twitter ($4bn) and LinkedIn ($2bn), with Airbnb, Uber, Dropbox and Palantir all sub $1bn. The total value of US private tech in 2010 was in the $75bn range for US private tech. Today, that number is closer to $6 trillion according to Pitchbook. Again, the growth and wealth creation is stunning.
For crypto, in 2010, the global market value was in the few-million-dollar range and now is $2.2 trillion after peaking at $4 trillion + in 2025. Crypto is global, not just US.
Look at the value of gold since 2010 and you can see that over $22 trillion more in value has been created by the bull market in the commodity. Gold is global, not just US.
If you look at the Forbes 400 today and compare it to 2010, the difference is remarkable. To make the list in 2010, you needed to have $1bn and today the minimum is $3.8bn. The total net worth of the top 400 in 2010 was $1.3 trillion and today it is $6.6 trillion. The wealthiest 400 saw their net worth increase by $1.2 trillion over the past year driven by surging stock markets and AI. The top 10 richest people in the world have a net worth of 8.2 times the level of the top 10 from 2010. The richest person in the world (Musk) has a net worth of 15.4 times greater than the person who held the title in 2010 (Slim).
One point of clarification, I did not factor inflation into the data. Since the beginning of 2010, inflation totaled 53% as measured by CPI, while the Fed’s preferred measure came in at 43.9%. The impact of inflation is significant and further shows the importance of owning assets. When your Nvidia stake goes up 577 times, you are less concerned about the impact of inflation.
When you add up the growth in US equities, US homeowners’ equity, unicorn tech companies, crypto and gold since 2010, you are looking at $114 trillion. No wonder it seems so many are flush with cash. With the substantial wealth creation over the past 15 years, it is no wonder these people spend money like drunken sailors. Yes, foreigners own US stocks and real estate, but you get the idea.
Mukesh Ambani built a 27-story skyscraper for his family in Mumbai, India. One room literally snows inside. It has three helipads and a 168-car garage. It is rumored to have cost $1-2bn to construct and has 400,000 square feet of living space. The same man reportedly spent $600mm+ on his son’s wedding, with performances by Bieber, Rihanna, Katy Perry, Pitbull, and Andrea Bocelli. This report suggests the family spent five months celebrating. Ambani’s net worth went from an estimated $29bn in 2010 to $91bn today.
Let’s not forget about Bezos spending $500mm on a 417-foot yacht and then $75mm for a 250-foot support vessel with helipad and hangar. His net worth was $12bn in 2010 and is $284bn today. His net worth would be $110bn higher had he not gotten divorced! In another example in November of 2025, Klimt’s Portrait of Elisabeth Lederer sold at Sotheby’s for $236.4mm after a bidding war with at least six interested buyers. This story outlines how Sergey Brin spent over $100mm to fight the billionaire tax which would cost him $13.3bn if it passes.
Quick Bites
Oil rallied 5% Monday given the likelihood of a deal with Iran slipped with the ridiculous demands from Iranian leadership. Bond yields rose 4bps with the 10-year back to 4.7%. Monday, stocks were down slightly. The Strategic Petroleum Reserve is below 300mm barrels, the lowest since 1983. Oil rallied again on Tuesday after Trump suggested Iran pay reparations for 50 years of damage. With 88% of the S&P reporting, earnings growth is strong (2nd chart). CPI was +.1% in July as was expected. The inflation report helped drive stocks higher, with the Nasdaq outperforming at +.6% and the S&P +.3% (as of 3:30pm). AI stocks outperformed with CoreWeave and Super Micro +18% and 17% respectively. Oil and bonds were largely unchanged on Wednesday.
The market has been on a serious tear supported by very strong earnings (chart 1). However, I included the 2nd chart below showing that the PE ratio is now at historic levels with only the .com boom higher than today. The third chart is the Bank of America Bull & Bear indicator which reached one of the strongest sell signals of the century. Does this mean the market will crash? No, it just shows that relative to historic levels, valuations are high.
I have so many readers ask me about relocating to South Florida and the tax rules. This WSJ article outlines a story of a $13.2mm tax bill (gift & estate) from the state of Connecticut after a man named Anderson died. Anderson owned and lived in Vero Beach, FL and the executor of his estate argued that he was not a resident of Connecticut. The state was unmoved, and maintained in legal filings that Anderson was domiciled in Connecticut. He had a trio of condominiums there. He registered for Connecticut tax withholding for his nurses, according to court records. States are getting more aggressive in going after people they think owe them taxes. New York City recently passed a pied-à-terre tax on nonresidents, and California has proposed a wealth tax on billionaire residents. It is all increasingly complicated when people can work anywhere and have multiple homes. The trial court judge homed in on one factor: Anderson typically spent 5½ months a year from May to mid-October in Greenwich, and 3½ months from November through mid-February in Florida. He spent three months from mid-February through early May in Arizona. The judge concluded that “ultimately, the most persuasive evidence demonstrating Anderson’s domicile is where he chose to spend his most valuable and limited resource: his time.” However, it appears there is an appeal and new rules make it easier for the Anderson estate to prove that Connecticut was not his true home. When I left NYC, I sold all real estate, quit golf clubs, and made sure everything was in my name in Florida. Given kids were in school, we were in Florida nine months of the year as well. Be sure to get a good accountant who can help you follow the rules to protect yourself and estate.
Interesting article on Greg Abel as he now runs Berkshire Hathaway and started spending cash. Abel, who succeeded Buffett as Berkshire Hathaway's CEO at the turn of this year, oversaw a drop in the conglomerate's mountain of cash and Treasury bills from $380 billion at the end of March to $365 billion at the end of June, excluding Treasury payables. Berkshire opened its coffers to buy $23.5 billion in stocks while selling only $3.7 billion, meaning it purchased nearly $20 billion on a net basis. It had been a net seller for 14 quarters straight. Abel also repurchased $4.6 billion of Berkshire stock, marking the company’s biggest quarter for stock buybacks since 2021. The parent company of Geico, Dairy Queen, and Squishmallows-owner Jazwares reported a 16% year-on-year rise in operating income to $13 billion in the second quarter.
For years, I was not a fan of Ackman. I felt he was an arrogant hedge fund manager with an attitude. His stance on Harvard, his support Jews, and his public statements on things going wrong in the country got me to like him. Now, it turns out he shares the wealth with his employees, and I am a bigger fan. “There’s not a person at Pershing Square that doesn’t own multiple millions of dollars of stock in the company—whether you’re cleaning the space or at the front desk or another role in the company,” Ackman told Fortune’s Editor-in-Chief Alyson Shontell on a recent episode of Fortune’s Titans and Disruptors of Industry podcast. “We believe in taking care of our people.” Pershing also invests heavily in employees’ health and well-being, Ackman said, offering everything from healthy meals in its cafe to gym access and comprehensive healthcare benefits. With a staff of just 48 people, Pershing has not had one “undesired departure” from the firm. I did not know where to put the chart below, but it is tangentially related, so here it is.
Middle East
With the influx of radicalize Muslims coming to America, the culture difference is startling. This Islamic scholar and Imam in Dearborn, MI, is teaching his followers to hit their wives if they refuse to “satisfy” them. Sorry folks, I do not want these radicalized Muslims in this country. I want women to thrive, become CEOs, and do amazing things. I do not want my daughter to hear the crap coming out of this idiot’s mouth. Do not teach Americans to treat women in this manner. Here is an Imam in Dearborn, MI “Oh Allah, kill every Jew, Christian and American.” Amazing one minute video of an American in Michigan complaining at a town council meeting about naming street signs after a Muslim journalist who praises terrorist organizations. The mayor of the town calls him a “bigot, racist and Islamophobe.” Further he said, “you are not welcome here and the day you move out of the city, will be the day that I launch a parade celebrating it...” Hamtramck’s all-Muslim city council (Michigan) just greenlit backyard animal sacrifices for Islamic rituals. We need to think about what is happening in America and the growing support of radical ideas that will shake the foundation of what this country stands for.
I have written for months that a deal is not close despite Trump’s constant assurances that deals are “imminent.” Trump is getting played. Mr. President, if you have “obliterated” Iran’s military, why are they in control of the Strait and dictating all the terms? Now Trump has made reparation demands due to 50 years of damage by Iran. Mr. President, you still think a deal is “imminent?” Oil is up in recent days on the lack of a path to open the Strait. Iran has made it clear that the Strait will not open without demands being met. Also, on Tuesday, the US fired on a ship in the Gulf of Oman.
Israel ‘rejects’ Trump’s 15-point peace plan for Gaza, Netanyahu says
Iran launched multiple anti-ship cruise missiles from Sirik, southern Iran, striking an oil tanker off the coast of Oman in the US-backed southern corridor of the Strait of Hormuz. Happened Sunday night. The ship was on fire Monday with oil leaking.
Houthi attack kills six in first fatalities in Red Sea in over a year; U.S. strikes container ship
Strait of Hormuz ship traffic near three-month low as U.S.-Iran deal in doubt
Iran names new security chief who’s wanted by Interpol in connection with deadly AMIA bombing
Mohsen Rezaei, ex-IRGC chief, sought by Argentina for alleged role in 1994 attack on Jewish center that killed 85; he’s 2nd to lead Supreme National Security Council since Israel killed Larijani in March. How long before Israel takes him out?
Beth Jacob Synagogue in Montpelier VT, is actually organized a fundraiser to support Mohsen Mahdawi. Mahdawi was one of the leaders in the Columbia student protests. Mahdawi has a documented history of support for armed resistance. Supporting terrorists who murder Jews. Many of his family members were terrorists too. I do not understand Jews who support antisemitism, people like Mahdawi, Mamdani, Tlaib, Omar, and others. What is wrong with you?
U.S. synagogues turn members into security teams
How sad is the world we live in where Jews who want to attend temple need to create volunteer security teams? More than 7,100 active volunteers have been trained by the Community Security Service (CSS), which now protects more than 500 synagogues and events across the U.S.
Afghanistan education minister announced that women are permanently banned from attending schools.
Politics
Hasan Piker has become a very vocal member of the DSA, and his vile comments need to be shone to understand the direction of the county. You know it’s bad when James Carville (lifelong Dem) threatens to leave the party due to Piker. Piker is a US citizen who was born in NJ. Here are seven more examples of Piker’s disgusting ways.
Hasan Piker sitting at a table with an LGBTQ+ flag, says: “Overall, my favorite flag is Hezbollah.”
Hasan Piker: “America deserved 9/11. I do not support the United States of America.” Campaigned with Abdul El-Seyed.
Hasan Piker: "I'm a lesser evil voter and therefore I would vote for Hamas over Israel every single time."
Awful numbers.
America looks so weak. How did we allow our stockpiles to get so low?
Democrats plan Trump investigations over impeachment if they win House
Ocasio-Cortez hasn’t ‘ruled out’ running for president or Senate in 2028
Senate Democrats vote against bill requiring photo ID to cast ballots
Sorry folks, I want American citizens voting and do not believe illegals should vote. I want clean and fair elections. Most developed countries require ID.
Bruce Blakeman could unseat Hochul and turn New York red, stunning poll reveals
Anti-rent radical and Mamdani pal who is ‘squatting’ in Brooklyn is Grammy nepo baby
Not paid rent in FOUR YEARS! Welcome to Mamdani’s NYC. I could not have made a better decision leaving NYC nine years ago.
Dem Gov Maura Healey signs sweeping Massachusetts bill allowing abortions up to birth
California city declares a ‘state of emergency’ after cyberattack on computer systems
I continue to write about the decline of once great cities and have been hard on places including NYC, Chicago, Minneapolis, LA., San Francisco, Portland, Seattle, and DC. This concerning story and video outlines the $165mm downtown Seattle public library. It is overrun with homeless people and there is an awful stench. People do drugs in the library and mothers are scared to take kids on the elevators. On the fifth floor, they offer free fentanyl test strips and inject-able Narcan with syringes and available to anyone including children. You need to watch this video and see what is happening in Seattle. Nearly all the 10,000 windows need to be replaced and each cost $30k. Nothing to see here folks. Your tax dollars hard at work. That is nearly $300mm! Get the hell out of that disgusting city.
Other Headlines
Three reasons Goldman’s co-head of global banking and markets says to stay invested
Ashok is one of the two most impressive people I have ever met in my time on Wall Street. His bullish outlook rests on lower interest rates, AI-driven disinflation, and declining oil prices. Having known Ashok for 20 years, I can tell you he has made many very good market predictions.
After peaking in the 1970s at 85% of global reserve currencies, the US dollar is down to 57%. This link is my favorite showing the change of reserve currencies over 120 years.
Private Credit Is Under Growing Strain, Despite Industry’s Upbeat Tone
Default rates are hitting recent highs, and internal reviews of loan health point to tougher times ahead, a WSJ analysis shows. The trends are concerning.
Diesel prices surge on tightening global supply
I have written extensively about my concerns around crack spreads and the refining capacity which is offline in Russia and the Middle East. Gas prices are sticky due to the lack of refining capacity and very high crack spreads, even as oil prices are well off highs.
‘Nobody wants it’: Lettuce prices see record-setting plunge as cyclospora spooks consumers
CoreWeave stock pops 18% as revenue doubles on accelerating AI infrastructure demand
NY 3rd-5th graders fail basic reading tests with more than half not even proficient
Preliminary results released this week by the state Education Department that 57% of 3rd graders, 52% of 4th graders and 57% of 5th graders failed to make the grade on their 2025-26 English Language Arts tests. Overall, just 48% of students in the testing grades, 4th-8th, rated proficient on the ELA — a “significant” 5% plunge from the previous year. The data for NYC is even worse despite spending $44k per pupil per year!
Almost half of NYC homeless deaths tied to drug overdoses or alcohol abuse
Machete v. Hatchet Faceoff Escalated Quickly
Two combatants arrested after Publix parking lot confrontation. Happened in Panama City, Florida. Shocker.
Three in five Americans favor stronger oversight of social media companies, Reuters/Ipsos poll finds
I am one of them.
Cuba regime overthrow would turn out like Iran, Trump warned
Health
I’m a heart surgeon: My weekly grocery essentials—and what I never put into my shopping cart
Why ‘super movers’ have healthier brains — and how to be one
Defined as people who are able to walk significantly faster than most of their aging peers, they are about half as likely to experience cognitive decline, a study found.
The World's Vegetables Are Vanishing, And It's Quietly Wrecking Our Diets
Testing is underway on vaccines to intercept brewing colon cancer before it takes root
French ‘smart bra’ could help detect early signs of breast cancer
Real Estate
The majority of Californians are now waiting until their late 40s to buy their first homes — about a decade later than the average American, according to a new study. The shocking analysis from the Public Policy Institute of California found that while half of young adults in the rest of the US own their first home by age 37, that number rises to 47 in the Golden State. In California, renters in their 30s and a most of their 40s outnumber owners — with the age steadily rising over the past 15 years. Half of Californians used to own their homes by 39, but that age has jumped to 47, following the state’s continued rise in costs for homeownership. California has so many issues. The cost of living is sky high, and the taxes are the highest in the country. Gas prices are the highest in the country. Insurance is challenging due to fires, earthquakes, and other natural disasters. Homelessness is highest in country. I almost moved to California in 2017 and am very happy I moved to Florida instead.
Zillow started its July Market Report with good news: Year-over-year home sales increased by 7%. This is the highest annual gain so far in 2026. Then the real estate technology company hit us with a sobering reality. This gain represents sales that closed in July, so many of the offers were actually made in June — before the U.S. officially ended the ceasefire with Iran. That timing makes all the difference. July home sales data were strong, but Zillow analysts believe this is as good as it gets in 2026. “Newly pending listings” from July will likely translate to “home sales” in August. Year-over-year newly pending listings increased by only 0.3% in July — and they’ve dropped 7.7% since June. Clearly, higher rates are playing a role, and the 30-year fixed rate mortgage is now at 6.76%. It was 2.83% in 2021.
Another negative story on issues with 432 Park in NYC stemming from crashing prices and construction issues. A 94th story half floor unit which sold for $31.5mm in 2019, just sold for $22mm. However, rents are holding up well with a recent $85k/month deal.
© 2026 The Rosen Report LLC. All rights reserved. Does not constitute investment, financial, legal, or tax advice. Consult with your lawyers and professional financial advisers. Rosen Report™ #916 ©Copyright 2026 Written by Eric Rosen.
