‘The illusion of wealth can encourage people to take on more debt’

‘The era of the illiquid millionaire is here’

“Almost one-fifth of U.S. households have a net worth of more than $1 million,” says Allison Schrager. But “most of that wealth is on paper.” Americans “invest in markets” via “retirement accounts,” but these are “often worth less” than “other kinds of financial assets.” The second “big source of wealth is housing,” but a “house, too, is illiquid,” and selling one “involves substantial transaction costs.” If “20% of the population is worth $1 million,” wealth “does not mean what it used to.”

‘Teapot Dome. Watergate. They’re nothing compared to this.’

“While campaigning, Trump announced his cryptocurrency venture World Liberty Financial” and his “namesake memecoin,” says Jacob Silverman. Trump and his family have since “accrued billions of do