First published 2013
The meaning of wealth has transformed radically in recent decades. The focus has shifted from the top 1% to an even more exclusive group: the wealthiest 0.01% who are rapidly leaving everyone else behind. These massive fortunes belong to hardworking, intelligent businesspeople who view themselves as rightful winners in fierce global competition. Business journalist Chrystia Freeland penetrates this exclusive circle after nearly ten years of reporting on these new super-elites. Comfortable navigating elite gatherings in Davos and Dubai, she combines personal interviews with economic analysis and historical context. Freeland reveals the new wealth through striking examples: a New York financier's $3 million birthday celebration just before the financial crisis, a secret 2005 SEC meeting where the government let investment banks create their own regulations, and how Bank of Canada's Mark Carney emerged as a central figure in the struggle between plutocrats and ordinary citizens. This well-researched work offers readers an insider's view of how extreme wealth operates and its impact on society.
Genres: business, political-science, sociology, economics, non-fiction, 21st-century
Vibes: intimate, suspenseful, thought-provoking
Tropes: insider-perspective, investigative-journalism
Setting: Davos, Dubai, New York
Period: 2005, Financial Crisis
352 pages · Paperback · Penguin Books Ltd