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Don't Buy Global Stocks — Closelook Heresy II

Why the next $30 trillion of equity wealth will be created by fewer than 1,500 companies — and what that means for everyone holding the other 62,000.

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Thomas Look
May 15, 2026
∙ Paid

Chart titled 'Where the world's equity wealth actually comes from'. Cumulative share of $75.7T in net global stock-market wealth creation, 1990–2020. Y-axis 0–100%, X-axis 0–3.0% of firms (cumulative, ranked best to worst by net wealth creation).

A red curve rises steeply: top 50 firms produce 31% of net wealth, top 159 firms produce 50%, top 505 firms …

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