Since their recession lows, real estate valuations have increased by about $2.2 trillion, while the value of financial asset holdings have increased by more than $21 trillion.
A few trillion here, a few trillion there, and you have the makings of some serious gains in prosperity. Since 1950, real per capita net worth has more than quadrupled, and new highs are just about inevitable.
Does it matter that the rich control a disproportionate share of total net worth? Not as much as you might think. The vast bulk of the wealth of the rich is tied up in real estate (mostly commercial) and ownership stakes in successful businesses. Those holdings are valuable only because they provide much-needed and much-desired goods and services to all of us. Without their wealth we would all be much less prosperous.