Paolo, you often discuss the phenomenon of the New Gilded Age. What is it, what does it signify, and what are your thoughts on it?

The New Gilded Age—it’s a term that really hits hard because of the eerie parallels between our current era and the original Gilded Age of the late 19th century. Let me break it down and share why I think it’s a wake-up call we can’t afford to ignore.

The original Gilded Age, roughly from the 1870s to the early 1900s, was a period marked by extreme wealth concentration, rapid industrialization, and a thin veneer of prosperity that covered deep social and economic inequalities. While industrial tycoons were amassing unimaginable fortunes, the majority of people were struggling with low wages, unsafe working conditions, and limited opportunities. It was a time of massive economic disparity, where a small elite controlled the bulk of the wealth and influence, and the rest of society was left scrambling for stability.

Fast forward to today, and here we are in what many call the New Gilded Age. We’re seeing an astonishing concentration of wealth and power in the hands of a few—tech giants, billionaires, and multinational corporations—while vast swathes of people face economic precarity. The world’s richest individuals control more wealth than entire nations, and yet millions are struggling to cover basic expenses, like rent and healthcare. It’s not just about money; it’s about the imbalance of influence and opportunity.

What’s different, though, is the digital layer that now coats everything. The tech industry has created unprecedented levels of wealth but also massive disruptions to traditional industries, displacing workers and making job security feel almost like a relic of the past. Technology, for all its transformative power, has also exacerbated income inequality and created new forms of economic vulnerability. Automation threatens entire sectors, while the gig economy has made work more precarious and stripped of traditional benefits. We’re seeing a shift where the economy seems to reward speculative wealth (think tech valuations and crypto) rather than the tangible, foundational contributions of everyday workers.

What does this mean? It means we’re living in an era of profound contradictions. On one hand, there’s incredible innovation, billion-dollar IPOs, and the rise of digital empires. On the other, there’s a staggering increase in the wealth gap, declining access to affordable housing, and a sense of economic insecurity that touches nearly everyone outside of the top echelon. The wealth isn’t just financial; it’s social and political power that’s becoming more concentrated, creating a system that feels rigged for the privileged few.

My thoughts? We’re at a critical juncture. The New Gilded Age highlights the fragility of our current systems. If we don’t confront these inequalities, the social contract that holds everything together could fray even further. It’s not sustainable to have a society where opportunity and wealth are hoarded at the top while the majority are left feeling disenfranchised. This isn’t just about envy or moral outrage—it’s about economic and social stability. History shows that extreme disparities lead to social unrest, and we’re already seeing glimpses of that tension today.

But here’s the part that needs our attention: The New Gilded Age is also a chance to reimagine and restructure. We need to think about new ways to distribute wealth and opportunity, to create systems that are inclusive rather than extractive. This means rethinking how we tax wealth, how we incentivize long-term investments in people and communities, and how we leverage technology for the common good rather than for the aggrandizement of a few.

It’s a call for bold thinking and systemic change. We need to start valuing the human capital that drives our world—not just in terms of wages, but in terms of respect, opportunities, and shared prosperity. If we keep romanticizing the billionaire class while neglecting the real struggles of everyday people, we’re setting ourselves up for a society that’s gilded on the surface but rotting underneath.

So, yes, I talk about the New Gilded Age because it’s not just an economic phenomenon—it’s a societal one. It’s a reminder that progress isn’t just about technological advances or stock market gains. True progress comes when we build systems where prosperity is shared, where innovation lifts everyone, not just the select few. If we get this wrong, we risk repeating the mistakes of the past. If we get it right, we have the chance to create a world that’s fairer, more inclusive, and genuinely prosperous for all.