Plutonomy—the AI Edition—and the Coming Crisis

Levy Economics Institute

Yeva Nersisyan, L. Randall Wray

Research

37 Pages

The authors compare today’s AI led plutonomy with the 1920s, arguing that concentrated wealth, circular tech financing, and dependence on affluent consumption increase fragility. Billionaire wealth has reached $20.1 trillion, while the top 0.1% of Americans own $13.7 trillion in stocks versus $7.1 trillion for the bottom 90%.

Key Takeaways

Wealth concentrates sharply: Billionaire wealth rose from $4.5 trillion fifteen years ago to $20.1 trillion, while the top 1% owns half of U.S. stocks.
Ownership gap widens: The top 0.1% holds $13.7 trillion in stocks, nearly double the $7.1 trillion owned by the bottom 90% of Americans.
Global repricing risk: U.S. stocks represent about 64% of the MSCI Global Index, potentially amplifying worldwide wealth effects from an AI led correction.
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