- SHELAGH GASTROW
- 23 JUN 2015
The report refers to the “Gilded Age” of the early twentieth century that reflected the fortunes made in the car, steel and electricity sectors. These were the years of the Carnegies, Fords and Rockefellers who have left their philanthropic mark on society to this very day. The report describes the current period as a second Gilded Age with a wave of fortunes made from new technologies and financial innovation in the West, while the opening up of China and Asia generally has generated massive new wealth through the development of factories, infrastructure and real estate. The report identified 917 new self-made billionaires that have created wealth of more than $3.6 trillion in the past 35 years.
Interestingly, the authors of the report maintain this prosperous period of wealth generation is soon to decline although various opportunities still exist, including care of the aged, biotechnology, cyber security and other technological innovations.