The biggest wealth creation in history?

When I was a kid, the rich movie characters were all millionaires. Today’s famously rich are no longer millionaires but billionaires, and soon some of them will likely become trillionaires. According to Oxfam, during the COVID pandemic, a new billionaire was born every 30 hours. Their wealth grew more in the first 24 months of COVID than in the previous 23 years combined. This extraordinary increase is explained by the acceleration of digital markets, which gained a huge competitive advantage during lockdown while physical businesses went bankrupt. Though the market experienced a correction after the pandemic, many of these changes became permanent. The power acquired by digital companies during the pandemic serves as a cautionary preview of the upcoming AI storm. Companies that embrace AI will experience extreme advantages, making their competition feel like it’s under lockdown. Those who wished they had acted faster to avoid financial loss during the pandemic should hopefully learn to act quicker this time.